Though the BTC price touched a weekly high on July 17th, many traders disregarded warnings that this change should not be trusted. Data gathered and made available by analytics firms indicated that BTC would touch the $21,600 mark. This could be considered its best price performance after July 10th. The currency pair BTC/USD got a boost over the weekend – this thanks to the drive by retailers. Many institutional investors stayed away from putting their money in crypto.
According to analysts, BTC price movement/spikes are considered to be a fake out especially in volatile market conditions. Most large investors don’t have an appetite to put their money in BTC as they believe the current swing will not last. One analyst said that investors shouldn’t put too much stock in the market buzz around BTC and stay out of the investing market. By doing so, investors will get a clearer picture of why they should stay out.
On the flip side, some market commentators maintained an upbeat outlook for the short term. The reason to do so was that the market went up overnight due to an overall belief in BTC strength. The barrier that is crucial and has to be breached is the $21,000 threshold. Other potential targets include the $22,000 mark. Everyone is now taking a wait and see attitude to ensure that markets settle and if BTC will pick up again. The hope is that cryptocurrencies and the overall market will trend upward in the coming months.