Bitcoin continues to be in the tight range of $18,000 – $20,000 as it waits for a breakthrough. The past couple of days haven’t fared well for the crypto market.
Vetle Lunde, an analyst at Arcane, in the end-of-month market report said several signs suggest that the crypto sell-off is getting overextended in the short-term. He believes that it represents an intriguing area to make contrarian short-term bets. Alex Thorn, head of research at Galaxy Digital Group, says that even if there is a further crash on the cards, traders who bought Bitcoin on grim occasions in the crypto market’s history could return a profit within a month. He outlined that if BTC saw a sudden sell-off, the $17,000 mark would provide strong price support. Thorn highlighted that macroeconomic factors and monetary tightening can cause Bitcoin to trade lower in the near term for technical and fundamental reasons. The levels should be seen as buying opportunities.
Bitcoin is currently trading at $20,094 having gained 0.49% in the last 24 hours, as per data from CoinMarketCap. Ethereum gained 2.48% and is changing hands at $1,587. The altcoins have recorded significant gains. Polygon is up by 5.48%, Polkadot 3.69%, Cardano 2.51%, and Ripple’s XRP 2.38%. Looking at the topmost popular cryptocurrency, it has been somewhat flat over the past 24 hours and near the middle of the tight range, it has seen throughout the week. BTC price took a downturn last week over fears of the US central bank’s hawkishness and macroeconomic uncertainty.
Greg Johnson, co-founder, and CEO of Rubicon Crypto, said traders and investors are in a market purgatory for some time. He expressed enthusiasm about Ethereum Merge – the shift from proof-of-work (PoW) to proof-of-stake (PoS) protocol, which is regarded as more energy efficient. Johnson described the Merge as one of the most important experiments in the blockchain community that’s ever happened. He said its success lays the blueprint for other migrations from PoW to PoS.
