Investors are not falling for Bitcoin’s latest gain as the popular cryptocurrency has been displaying erratic momentum over the past couple of weeks. Day after day, BTC has slipped from the $31,000 – $32,000 level to the lows of $28,000 – $29,000. As such, investors are very much cautious.
BTC’s price rapidly reversed on June 7 as Bitcoin rallied back to $31,500. But it’s a mark where price reversals have been recorded time and again. At the time of writing this article, Bitcoin was trading at $30,323. It has been up by 2.74% in the last 24-hours, as per data from CoinMarketCap. Traders are not expecting a surge to $35,000 any time soon.
A crypto analyst said that what is happening inside the range and what has happened at the higher side, shows that it’s a clear redistribution range. He highlighted that the clean break of the range low is around the $21,000 – $23,000 level. Phoenix, a pseudonymous crypto trader, says there won’t be many gains. He pointed out that Bitcoin is on the way towards a whole month inside a mini-range again.
Experts say the actual price of Bitcoin has fallen below the realized one on two occasions since 2018 – first in July 2018 and second in March 2020. Currently, it’s set at $23,600, about $20,000 below the actual price.
Meanwhile, Ethereum is also up by 2.42% and trading at $1,795. In the altcoins, Cardano is the biggest gainer. It’s up by nearly 9% in the last 24-hours. And Solana is the biggest loser. It’s down by 0.64%.