FX.co ★ Bitcoin shows moderate advance amid stability in other markets

On Tuesday, the price of the main cryptocurrency continued advancing. At the moment, bitcoin's rise is quite moderate. However, some analysts expect acceleration in the near future.

According to the data provided by CoinMarketCap, which calculates the average price at more than 20 exchanges, by noon, BTC inched up by 0.41% to $19,187. At the same time, at one of the largest exchanges, it advanced by 0.19% to trade at $19,189. Ethereum lost 0.13% to settle at $583.43 while XRP declined by 2.91% to $0.492. Today, bitcoin accounts for 62.5% of the global crypto market.

The main digital currency has been moderately rising for the second day in a row without significant drops and record highs. Most analysts explain such a calm performance of bitcoin by the fact that the situation in other markets is also quite stable. At the moment, the volatility is not very high. Thus, neither reverse nor slump will occur in the near future.

Nevertheless, in the morning, bitcoin made an attempt to jump. However, it faced the resistance level of $19,500. Bulls' intention to push the price higher is good news. However, the short-lived rise and a drop from the resistance level prove that bitcoin will face difficulties breaking the level of $20,000. At the moment, there are not enough fundamental factors to boost BTC.

At the same time, the RSI index of BTC/USD is in the neutral zone that is far from the overbought area. At the same time, significant buy positions opened by institutional investors may push the FOMO index. This, in turn, may lead to a jump above $20,000 even amid overbought signals from technical indicators.

Experts at Goldman Sachs believe that companies interested in bitcoin may invest up to $600 billion. This may also result in a higher price of BTC.