It was a lazy weekend for the global crypto market but Bitcoin managed to hold onto the $19,000 mark as it looks to breach the crucial $20,000 level. The popular cryptocurrency lingers after a bearish move. Its bearish pattern continues – BTC price action from September 13 – October 10 created a bear flag.
At the time of writing this article, Bitcoin was trading at $19,218 and Ether was at $1,304. Bitcoin gained 0.40% in the last 24 hours, while Ether gained nearly 1.55%. The altcoins have recorded slight gains.
Data shows that Bitcoin has traded listlessly within a narrow $19,000 to $21,000 range. Edward Moya, the senior market analyst at Oanda, believes Bitcoin is holding up nicely. He said risk aversion is running wild and Bitcoin is not backing, while Fed rate hike expectations are rising and BTC is still holding onto the $19,000 level. Moya pointed out that Bitcoin’s current stabilization period is good news for long-term bulls. The analyst explained that high-frequency trading systems and hedge funds have their preferred shorts. He said Bitcoin is emerging as a long-term bet for many and added that if U.S stocks tumble below the 3,600 level this earnings season and Bitcoin does not break below the summer lows.
Michael van de Poppe, the founder and CEO of Eight, says it was a question of not if, but when unpredictability would return to crypto. He believes a matter of time until massive volatility is going to kicks back into the markets after four months of consolidation. The analyst said the majority is still assuming the market will continue to go downhill, but the odds of upwards momentum have increased.