Bitcoin (BTC) prices continued to move in a range close to their support zone and consolidated because of the lack of support for the price as this movement has kept prices close to the minimums in their range.
The bulls need to do something very soon and clarify their intentions because, otherwise, the bear traders would leave their positions and get off market if they won’t notice gains with their opened bullish positions.
This will most probably be the trending for the bear traders if the BTC price’s consolidation continues to drag on for a long period of time and this would be something the traders should protect their investments against.
The value of BTC has not been capable to keep the gaining uptrend above the $7,000 level and this trend has to be an issue the bulls.
Bitcoin (BTC) prices continue to consolidate
The price consolidation is not only affecting the trading value of BTC but it seems that all the cryptocurrencies market is affected by similar conditions.
On the other hand, the USD was not too strong at this time, so it’s still a big surprise that the cryptocurrencies market wasn’t capable of gaining momentum today and score huge gains against the Dollar.
However, this proves the sentiment that was characterizing the Bitcoin (BTC) market and the crypto market, in general, at this time because the speculations and fast traders become fewer and fewer on the cryptocurrencies market, as this market started to maturate more.
Forecasts regarding Bitcoin (BTC)
Looking ahead for today and tomorrow morning, there are not notable predictions to make on the cryptocurrencies market and most probably more consolidation and in-range prices movements are expected. However, it is possible that the Bitcoin (BTC) support level to be under pressure, once again, and, thus, the investors and traders should keep an eye on the market and be alert on the price movements.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.