Traders are Speculating That the Price of Bitcoin Will Continue Trading Sideways for Now
Crypto Consultant - Harry
The price to Buy Bitcoin (BTC) has been declining in recent days. Though the asset's track record has rebounded from its weekly lows, CryptoWendyO, a crypto investor on Twitter, believes the future remains unclear.
When analysing how the everyday timeframe of the price continues to fluctuate, the twitter user then goes onto say “we are having trouble sustaining $50K," she said to Cointelegraph on Friday, with hopes of climbing to $51.6K.
With worries of rejection having the reverse effect and dropping the value back down to a $50-45k range or even a “swift wick to $42-38K with a glorious recovery”
After reaching historic highs of $58,360 in February, Bitcoin fell to nearly $43,015 in subsequent days, focused on TradingView results. The commodity then rebounded to around $52,660 before beginning its downward market activity below $50,000. Bitcoin is valued at approximately $49,020 at the time of print.
Cheds, a Twitter investor keeping a CMT level I credential, expects "more consolidation” for Bitcoin to raise above $42K, which was reported by Cointelegraph on Friday. He also tweeted a map of his goals for range.
Wondering whether the “27% correction is enough to bring us to a new high," as stated by Cheds, “we're going to watch a tightening spectrum on a regular basis with lower heights and higher lows." A host of technological stocks have also lately experienced market declines.
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