Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: RSRS on July 10, 2021, 08:20:53 AM
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On July 9 Bitcoin and the wider cryptocurrency market saw a moderate relief rally that helped recover some of the losses seen on Thursday but a handful of analysts continue to caution that BTC could still drop to the $24,000 to $29,000 range in the short-term.
Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin was bid higher during the morning trading hours on Friday and managed to climb back above $34,100.
BTC/USDT daily chart. Source: TradingView
Sentiment among traders received a slight boost after Bitcoin price reversed course and rallied back to $34,000 but the price still remains trapped between key resistance and support levels and the lack of buy volume is still a valid concern.
Tempting Beef, a pseudonymous trader on crypto Twitter, also pointed out that the total crypto market cap and altcoin market cap remain in a precarious position.
#Crypto total market cap and altcoin market cap both failing to flip their key pivots and forming lower highs. Me sad.
Unless we pull it together, I expect us to just play in this range maybe with some standouts like $AXS. Could be a boring summer. pic.twitter.com/Ab4eVSCbdo
— Tempting Beef (@tempting_beef) July 8, 2021
Élie Le Rest, partner at digital asset management firm ExoAlpha, also pointed out that along with the “non-directional trend” in BTC, the market is also "witnessing a decrease in trading volume” that has led to "more wild reversals within the range, hurting directional traders.”
Sourch (https://cryptonews.net/en/news/bitcoin/1021193/)