Bitcoin Seems to Pick Volatility Encourages Buyers in to BTC Trading Market Active AgainAugust 3, 2020
It just looks like the Bitcoin Volatility is back and it is on the move again. There is no clarity about what might happen next. There was price stagnation for several months now and the volatility seems to be coming back.
Massive sell offs, price crashes, upward movement in cycle seems to an ongoing pattern. Analysts have to state that BTC has held up past $10,000 only for two times in the past and that both of these activities were followed by a 70 to 80% crash. The upward price movements have seemed to encourage the Bitcoin investors. The market price is also growing and shrinking.
Meanwhile some of them who keep predicting the all-time high for BTC continue stating that an all-time high is on the cards. Some of them state that there will be volatility for a week and that it would drop in one to two weeks.
For all practical reasons, several investors were waiting for a trending movement to set their foot in to trading. This did happen. Traders who missed buying the breakout are looking for the right time to get in. We need to watch for at least a week to decide if this move will sustain or if it was a massive bull trap.
Sydney Ifergan, the crypto expert tweeted: ” It does not seem realistic to see #BTC $100K on track like some analysts say, but a bit of high and low past $10,000 through $13,000 might happen helping some profits.”
And, it is also important to see that lot of Bitcoin is getting moved to Ethereum, thus increasing the Wrapped Bitcoin Supply. Tokenizing Bitcoin on Ethereum is also increasing opportunities for DeFi.
The price direction of BTC is under consistent discussion. There is still no clarity about what will come next in the Bitcoin market. However, the overall sentiment around the Bitcoin and the cryptocurrency industry is increasing.
Bitcoin (BTC) Tether Flow
Tether inflow also triggers some high liquidity for Bitcoin. The price of gold has gone up. The USD price is going down. When the dollar is weak, the stock market normally underperforms. This also means that the price of gold will boost. There has been a correlation between Gold and BTC and this might mean that the weakening dollar will benefit BTC price in an indirect way.
Considering the market trends, traders expect the Bitcoin price to trend in the ranges. The price is working past the critical resistance level at 11,213.80 United States Dollar 3 Aug, 12:04 pm UTC.