With internal and external forces preventing a bullish trend reversal, Bitcoin seems to have made itself comfortable within the $18,500 – $20,400 range. BTC price is expected to keep moving in this range in the short term. The popular cryptocurrency’s sideways price action has formed a rectangle pattern, indicating general market indecision.
Bitcoin was recently trading at $19,476. It had seen a brief spur early last week as encouraging data suggested that the economy was slowing and inflation might lessen too. But BTC dived below the crucial $20,000 mark as macroeconomics continues to play. Joe DiPasquale, CEO of BitBull Capital, believes Bitcoin’s failure to breach $20,500 has led to a correction. He said bulls will need to defend the $19,500 mark in an effort to keep chances of a rally alive. DiPasquale highlighted that if support breaks, Bitcoin could plunge below $19,000. But with the CPI report around the corner, more volatility is expected this month.
It should be noted that the love cryptocurrency has managed to avoid a collapse even when the U.S. equities markets were being clobbered. This shows that selling pressure may be reduced. Bitcoin, for a sustained recovery, needs some support from the return of the risk-on sentiment. However, its volatility range-bound action is likely to continue.
Ether has also been relatively flat. It has gained 1.18% in the last 24 hours, as per data from CoinMarketCap, and changing hands at $1,325. Ether is sharing the same daily fluctuations with Bitcoin ever since its game-changing Merge. The altcoins have seen gains. Ripple’s XRP is the biggest gainer. It’s up by 18.32% in the last seven days and 4.19% in the last 24 hours. Polkadot is up by 3.04%, Polygon by 2.64%, and Solana by 2.13%.
