Has Bitcoin found a floor? Study the 8 February Bitcoin Price Fundamental Forecast to see how the digital currency trades currently.
8 February, OctaFX – On Wednesday, the price of Bitcoin gained by almost 10% towards the end the day above $8,000. This marked a more than $2,000 gain from when the currency touched a low of under $6,000 early this week.
Traders attributed the sudden rise in Bitcoin and other cryptocurrencies, to a meeting by the United States’ Senate Banking Committee. During the meeting, officials from the Securities and Exchange Commission (SEC) and Commodities and Futures Trading Commission emphasized the need to regulate the industry without calling for a blanket ban.
During the meeting, the officials said that the treasury was in the process of bringing together several agencies to coordinate the industry. To traders, this was a positive move because it went against other countries like China, which have moved to ban ICOs and other blockchain related products entirely.
8 February Bitcoin Price Fundamental Forecast
As shown below, at the current price, Bitcoin has retraced to the 61.8% Fibonacci level. Unless there is any major negative news, the price of Bitcoin could try to test the $8720 level, which is an important Fibonacci level.
This article about 8 February Bitcoin Price Fundamental Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.