The back-and-forth movement from Bitcoin between $18K and $19K has just confused analysts and they don’t know what to think about this price action so let’s read more in today’s Bitcoin news.
Bitcoin saw some extreme intraday volatility over the past few days while in the past two days the coin traded at $17,500 and $18,800. The analysts still don’t know what to think or to do about it. Prominent BTC trader “Jack” believes that the market is “Wild.” Bitcoin saw some extreme intraday volatility over the past few days while in the past 48 hours the number one cryptocurrency traded at both $17,500 and $18,800 with the back-and-forth motion between key price levels. As of the time of writing, the price of the leading cryptocurrency is sitting at $18,500 but in the past hour, it was both $18,400 and $18,700. The extreme volatility came with the US Dollar starting to move lower which only boosted gold and BTC.
Analysts don’t know what exactly to think about the price action as crypto trader “Jack” argued that the market is “wild.” He previously stated that he was short on BTC for a short time. He could not be fully short but he could be hedging in case the crypto moves lower in the upcoming days. The trader shared a chart showing that BTC is breaking below the parabolic support which led the coin higher. Tom Fitzpatrick, senior analyst at Citibank said that the main case for the leading cryptocurrency is strong:
“Bitcoin moves across borders easily and ownership is opaque. That last point is, I believe very relevant. The huge Fiscal deterioration of today has a cost in the future, either directly or indirectly. Directly it is that at some point the ‘bills have to be paid’, which means […] the money needs to be found.”
Wow this market is wild
— //Fiat 𝕵ack 🐐 (@BTC_JackSparrow) November 23, 2020
Dan Tapiero commented on Bitcoin’s outlook as well:
“First time I can recall #Bitcoin included in list of macro assets by BoAML blue chip fund mgr survey. Can’t imagine #btc does not outperform all other assets. Fastest horse! It’s so early for btc that it is only NOW being included and that’s AFTER 11yr +250% annualized perf.”
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