Bitcoin is Banging to the Soon-to-Be Stablecoin Beat: BTC Volatility is at a Low, New Trend Being Established
Since hitting $4,200 at the end of February, Bitcoin hasn’t seen much action. The leading cryptocurrency crossed $4k mark and since then it has been moving in the range of $3,760 and $3,970, trading in the tight range of $210 for two and a half weeks.
With a market cap of $68 billion, at the time of writing, Bitcoin has been trading at $3,905 with 24-hours loss of 0.13 percent. While, the trading volume is constantly going down after hitting a high of $10.7 billion, it is currently at $9.2 billion which is not a good sign for the Bitcoin price.
The way Bitcoin is holding the fort at around $3,900, it is resembling a stablecoin. Meanwhile, stablecoin like Dao is increasing its fee to keep the stability of its price which has fallen down its one dollar peg.
— Jonny Moe (@JonnyMoeTrades) March 13, 2019
Bitcoin remains sluggish for quite some time now with the price movement of flagship cryptocurrency becoming almost boring.
Crypto trader and analyst, Josh Rager says Bitcoin is ranging between $3,600 to $4,200 but if does break above the higher level of this, he is expecting it to rise only till $4,700.
“BTC Weekly Chart: Zoom out, currently ranging between $3,600 to $4,200. If Bitcoin pushes up, I don't see it closing above the weekly resistance near $4,700 and that's my short position. A drop would retest Weekly MA which has held BTC price (break below weekly MA is bearish).”
In the short time, crypto analyst, The Cryptomist sees two scenarios playing out for Bitcoin where it could retest the $3,900 range or dip to the $3,774 level.
“I am looking at 2 scenarios. First, Sym triangle which is supported by RSI. This could breakout within next 24 hours & retest 3900 range. Second, We breakdown into this potential falling wedge, where we dip low as 3774. All should be clearer in the next day.”
Another crypto analyst, Bobby Atkins echoes the similar sentiments as he says though on the basis of weekly or monthly momentum double bounce shouldn’t be happening, the fact that the market is in a “severe downtrend” putting a short makes better sense.
“From macro level the 200 Day MA is gonna be some fierce resistance. However, considering such an upside move and BTC breaking above it's EMA 200 Week and confirming again the 200 Week SMA as support I'll be calling the bottom is in.”