Bitcoin (BTC) Begins Trading Sideways And Fears For More Red Grows As Trading Volume Drops
Since Bitcoin dropped below the $8,000 mark, the digital asset has fallen far below to set a support position of around $7,500. The crypto leader has since bounced back above this to trade a little over $7,800. However, despite the positive response, the asset has struggled to find bullish momentum that will see it rally again.
The asset is currently trying to rally back above $8,000 and get the bullish momentum going again. But as trading volume drops, there is growing concern that the asset might take another major dip. The asset’s current sideways movement coupled with dropping volume is a sign of tiring bulls and this could offer the best opportunity for the bears to swoop in and drag prices further below.
At the time of press, Bitcoin is exchanging for around $7,830 marking a marginal change of less than 1% in the last 24 hours. As for its trading volume, this has dropped from its highs of $30 billion last week to around $23 billion during the weekend and at the time of press has dropped as far as slightly below $20 billion.
Bitcoin’s Next Target
Analysts had earlier predicted a 30% pullback before the next rally and Bitcoin is yet to hit this low. If the current drop was to hit a 30% pullback, this would see the asset drop to around $6,400. This would predictably be followed by an average gain of 153% which would see the asset easily surge past the $10,000 position.
For now, major support for Bitcoin is around $7,600 with the next key resistance being climbing above $8,000. With the asset currently on a sideways path, both targets are in play. Triggers of a positive or negative nature could see prices quickly achieve any of these targets. Some analysts believe that regardless of how dip prices fall, this will offer bulls a chance to accumulate and rally again.
Altcoins price Update
For altcoins, most are following the same trend set by Bitcoin. ETH and XRP, for example, are recording marginal changes of less than 1%. However, while ETH is in the green zone, XRP is still red. The same trend goes on with most top 20 cryptocurrencies with a majority of them still in the red zone.
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