A new indicator signals something that many analysts have been afraid of. As Bitcoin (BTC) has been caught in the throes of consolidation for the past several weeks and months, it failed to garner any momentum in either direction ever since it plummeted below $10,000. Right now, BTC is boring and the analysts think that this period won’t come to an end unless volatility improves.
Speaking of which…
The latest cryptocurrency news feature the price volatility of Bitcoin which is the single most important technical indicator right now. The new indicator signals that a massive movement may be imminent and one analyst even believes that Facebook’s Libra coin may play a huge role in Bitcoin’s future volatility.
At the time of writing, the BTC news show that Bitcoin is below $8,000 once again and dragging many altcoins along with it. The buyers have failed to extend the upwards momentum seen a couple of days ago. All of this suggests that BTC is in a tight trading range between $7,800 and $8,800 with significant support at the former price and strong resistance at the latter.
What is also important to note is that this period of sideways trading has come about after Bitcoin and its massive drop from the previous support level at $10,000. Even though the mid-term trend remains bearish, the new indicator signals that the support established at $7,800 may mark a long-term bottom for BTC as a dominant cryptocurrency.
This is confirmed in a recent report on Bloomberg too, where it is noted that Bitcoin’s Trading Envelope indicator is currently at its narrowest since mid-September. This new indicator signals that another massive movement may be imminent for the cryptocurrency.
“The gauge smooths moving averages to map out higher and lower limits and a similar narrowing last month preceded a drop of more than 12% for Bitcoin on Sept. 24,” the report published on Bloomberg explained.
Detailed in the same report is Matt Maley, an equity strategist at Miller Tabak + Co. who explained to Bloomberg that the fate of Facebook’s Libra is currently contributing to Bitcoin’s price action. The analyst said:
“As it becomes more and more obvious that the Libra thing is not going to take off – it’s going to be a long time before it becomes an important part of anything Facebook’s doing – as that becomes more obvious, the volatility will pick up again… This issue with what’s going on with Libra and Facebook is a definite headwind and it’s not going to go away.”
Even though it is still unclear whether Libra is truly having any influence on BTC, the new indicator signals that Bitcoin must regain control of the news cycle very soon.
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“Last time this happened #Bitcoin pumped 170% in under 60 days,” he summarized.His comments were echoed by many other analysts. And as he added that at press time, levels of around $9,800 show that Bitcoin regained support in an overall bullish ascending price triangle, the sentiment was also echoed by another fellow Cointelegraph Markets analyst named Michael van de Poppe, who said:
“And so, we've bounced on the green area around $9,450-9,500. That was heavily needed. We could still see a period of relative calm movements, before we're either attacking the highs at $10,400 or the lows at $9,500.”The past weekend left a significant gap between two Bitcoin futures trading sessions too. Historically, BTC has subsequently "filled" these gaps which is why many believe this will be a week when Bitcoin will visit $10,500. Still, the 'golden cross' is the biggest thing now and makes Wareing the third prominent Bitcoin figure to forecast major short-term gains this month only. Before this, we had Fundstrat's Tom Lee who said that Bitcoin could reach $27,000 by August, again because of the price beating out resistance from its 200-day moving average. After that, we saw Mike Novogratz commenting that BTC/USD might retest its all-time highs of $20,000 by the time of May's block reward halving. Anyways, the price of the most dominant cryptocurrency today is stable at $9,755 and may soon prepare for a jump to $9,800 and then $10,000 which is the five-digit level many are hoping to see Bitcoin reclaim. The coming altcoin news show that ETH, XRP, BCH and BSV have all regained much from their losses and are stable today with new potential gains on the horizon.
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