Crypto Markets See Mixed Gains And Losses, Bitcoin Fights To Stay Above $4,000br>
The crypto markets are seeing a mix of gains and losses, with four of the top ten coins in the green today.
After breaking through the $4,000 level on January 6, the price of bitcoin is still just slightly above the level. If the price fails to break the $4,100 resistance level, bitcoin may drop below $3,800.
EOS, Litecoin, Stellar and TRON are the only top ten coins in the green. The biggest gains were seen in TRON, up by 15.02%.
Gavin Smith, CEO at Panxora, said recent gains in bitcoin “could point to a rally in bitcoin at least for the next 6-12 months. A key level will be $4300; if bitcoin breaks above this, we could see a move to at least $6000. This move could be exactly what the market needs to break out of its current funk and see further constructive moves.
“Negative market sentiment could also bode well. The number of people expecting Bitcoin to go up in value is at an extreme low. Institutions are pulling back from the market and the general enthusiasm for investing in the cryptocurrency market has considerably diminished. Now that the opportunists who saw cryptocurrency simply as an investment prospect are exiting the space, serious businesses have some breathing room to focus on its development in a more constructive way.
“The one area of concern remaining is the broader macro-economic backdrop. We are entering a period of massive global tightening in credit conditions. In addition to raising interest rates the central banks have either started or are starting to reverse the QE bond purchase programmes that followed the 2008 financial crisis. This will drain liquidity from the global system.”