Bitcoin May Not Make Any Remarkable Near-Term Movements
Bitcoin has been trading on the sideways and has once again failed to close its daily candle over $7.2k. Hence, it is vulnerable to more downside this weekend and in the coming week.
Bitcoin may fail to make any notable trend defining moves in the days ahead either. According to an analyst, its direction will be influenced by the direction the United States stock market trends next week.
That is, its performance this weekend will be dull such that it could lead to another prolonged bout of sideways trading.
At press time, the price of Bitcoin was around $7,115, representing a little upsurge from its daily lows of $7,050 where it has been trading since the previous day.
At the moment, the price is beneath the key barrier at $7.2k, a level where Bitcoin has been rejected severally over the previous couple of days.
According to analysts at the moment, in spite of the barrier at $7.2k, the buyers need to overcome $7.4k for a remarkable upsurge. If they are able to take the price over this level, it could be sufficient to initiate a new uptrend.
A renowned analyst known as Josh Rager on Twitter tweeted about this level. He noted that it is unlikely that the bulls will be able to break above it in the days ahead because of the notoriously dull price action observed by Bitcoin on weekends.
Super exciting $150 range for $BTC ever since the move up from sub $6600
Expecting some consolidation before the next move – still watching $7400 as the area to break
Saturdays are notoriously known to be boring so not expecting much tomorrow and more action on Sunday pic.twitter.com/TT5w7gMu33
— Josh Rager 📈 (@Josh_Rager) April 17, 2020
Aside Rager, other analysts are also saying that Bitcoin will not have any notable price action this weekend. Another analyst on Twitter thinks that Bitcoin’s price action will not be remarkable until the S&P 500 comes up with a solid trend. The establishment of a solid trend will influence Bitcoin to do the same.
$BTC weekend expectations
No meaningful move for SPX, so BTC will take liquidity while it waits.
Most likely trades below 6900 and above 7200 for a short amount of time at some point.
Quick scalps can target a move back towards mean pricing (7050~).
— Chase_NL (@Chase_NL) April 17, 2020
Despite the possibility of a dull price action for Bitcoin in the days ahead, the cryptocurrency will be able to come up with a macro trend as the traditional markets become more stable.