Bitcoin remains Range-Bound at $ 7,000, Bearish Analysts


On Friday morning, investors and traders throughout the cryptic industry woke up with an enjoyable view, with most of the encrypted businesses recording gains, albeit light. Regardless, many have welcomed this move, with optimists expecting this relatively bullish price action to continue.

"Bitcoin has a serious chance of reaching the level of $ 3,000"

At the time of writing, Bitcoin itself is $ 7,000 low, currently publishing a 24-hour gain of 1.2% to the price of $ 7,051.66. The asset is now on track to record its third "winning week" below, which could allude to the fact that sentiment in this sector could start to change.

Image courtesy of TradingView

Since Monday Bitcoin has been range-bound between $ 6,800 and $ 7,100, probably due to the decreasing volatility of cryptographic assets in general. Furthermore, there are no explicit catalysts, either basic or technical, that should (or have) pushed Bitcoin over the last few weeks, leaving some to mentally place the first crypto resource in a "purgatory" state.

Taking a step back, it becomes even clearer that BTC is stuck in a range, with the price of the asset remaining between $ 8,500 and $ 5,800 for nearly three months.

Talking to MarketWatch, a San Francisco-based financial information website, Kevin Lu and Thejas Naval of Element Digital Asset Management commented on this lack of volatility. The two noted:

"Within our team, we tend to believe that the market is currently in an ultra-reflective state, moving within a range in response to apparently every little piece of news. This is probably due to the fact that trading was dominated by short-term players using leveraged structured derivatives to express intraday speculation.

While Element Digital Asset Management researchers did not give any clear price predictions to the light of the state of the market, another analyst did. "Alexander Kuptsikevich, an analyst at FX Pro, noted that the market could be set to fall." In a statement, the short-term crypto-pundit has touched on the inability to of Bitcoin to overcome resistance levels, explaining:

The bitcoin's inability to grow over $ 7,000 seems to be a serious precaution. he teaches that the movement inside such a triangle often ends up with the collapse of support and a strong impulse to decline, "he said. "In this case, bitcoin has a serious chance of reaching the level of $ 3,000

But as with almost all scenarios, there are two (or more) sides of an argument, as reported by Ethereum World News, Michael Moro, CEO of Genesis Trading and Genesis Capital, he recently took part in the CNBC "Fast Money" segment to express his views on the current state of the cryptocurrency market.

He opened his time on showing explaining that the bears probably started to lose strength, emphasizing that the strong support levels of $ 5.800- $ 5.900 were pushing short-term sellers away.The Genesis Trading CEO continued to note that as market conditions are starting to improve, Bitcoin will have to contain over $ 7,000 to confirm that the bulls have really returned, Moro elaborated, stating:

If the level [$7,000] is worth, for the next week, two weeks, the bulls will return to 1 00%. They will be more comfortable that the lows of the year are at stake and that it is more likely to see $ 10,000 instead of $ 5,000

  Photo by Andre Francois on Unsplash 
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