Bitcoin is trying to maintain its position by saying no to market volatility. Trading began as usual with no change in the mood. According to data from market analysis firms, BTC/USD managed to hang on to marginal gains and stay above the $20,000 mark. This has been a characteristic pattern for the past trading week.
BTC/USD stayed in a set range overnight on July 7th, which resulted in many analysts thinking that a break was coming – whether it was up or down, they couldn’t say. This prospect is expected to be very short term. BTC price consolidation at $20,000 will not last forever and technical data indicates that it will break soon. BTC prices topping $21,700 would be a high and dropping below $18800 will be a new low. Whatever happens, the new move will set the direction.
BTC’s RSI looks bullish and offers a key reference point It looks very likely that volatility in price will be back. This, while the Bollinger bands coming back are indicated on daily charts stay within a narrow range – a classic indicator of a trend prelude. No one wanted to place a bet on which way the trend would be, and caution was being exercised.
The US market posted modest gains in macro markets. Analysts and market watchers have mixed opinions on what US economic policies would look like through the next year. One trader said that it would take a long time for BTC and other cryptos to return to their previous form.