Markets Update: Bitcoin Bulls May Be Prepping for a Charge
This week the price of bitcoin has remained fairly stable, consolidating around the US$1,020-40 range with a small uptrend in global trading markets as the weekend approaches. Also read: Bitcoin in Numbers — a Visual Look at Bitcoin Growth and Demand So Far in 2017 Bitcoin Price Weekly View After the past two weeks of […]
This week the price of bitcoin has remained fairly stable, consolidating around the US$1,020-40 range with a small uptrend in global trading markets as the weekend approaches.
Bitcoin Price Weekly View
After the past two weeks of ups and downs, the exchange rate of bitcoin has taken a breather the past few days, moving relatively stable and sideways. There’s been quite a bit of consolidation around the $1,020 mark as it looks like bulls may be prepping for an upcharge. Currently, major exchange order books show buyers have some control, and unless there is some negative news, an upward breakout is entirely possible this weekend. At the time of writing the price per BTC had reached an average of $1,070, around 12 pm US EST.
Last week technical indicators had shown the 100 Simple Moving Average (SMA) was trending higher than the 200 SMA, and this is still the case. This further supports the possibility of an upswing in the near future. The stochastic oscillator also presently shows an upward momentum which affirms the buyer’s market will likely continue. There is still heavy resistance in the $1,100 range, but the price is edging towards the $1,080-1,090 mark at the time of writing. Volatility has subsided over the past 72 hours, and there hasn’t been much playing room for intra-range traders and day-trading speculators, but that looks like that may change in the short-term.
Cryptocurrency Markets Weekly View
A lot has been going on in the world of digital assets as cryptocurrency markets, in general, are now capturing a total market capitalization of over $25 billion. Bitcoin commands 66 percent of the market share dominance at press time with a $16.9 billion market cap and close to $400 million in daily volume.
Ethereum, the second highest valued digital asset, has continued to hold above the $50 per ether price range with a market cap of $4.5 billion. Alongside this, the third highest valued token is now Ripple as Dash has been pushed out of the third position. Ripple has been experiencing an upswing over the course of the past two weeks. Dash, on the other hand, is suffering from a deep correction as one Dash now trades at $70, compared to its recent high above $110. Bears have been clawing at the value of Dash for the past three days as the price could not hold above the $80 range, leading to the downside break.
The fifth highest valued cryptocurrency Litecoin (LTC) had a notable run on the morning of March 30. The price had run up 65 percent in a matter of hours reaching a high above $7 per LTC. Speculators believe the spike may be attributed to Litecoin’s upcoming Segregated Witness integration. Last week Litecoin was coasting along at $4 per LTC and the price today has dipped a touch, resting at just over $6.
Other notable altcoins in the top ten such as Monero, Ethereum Classic, and Augur (REP) have all seen upward price bumps the past few days. Augur specifically is up over 26 percent at press time with an average price of $11.90 per REP.
The Slow and Steady Path
As bitcoin markets have remained fairly stable, day-traders and speculators are likely finding positions in altcoin market spikes. Bitcoin charts presently show we may be seeing the beginning of a bull charge this weekend, but currently, BTC traders seem uncertain. The Whaleclub Telegram channel which consists of over three thousand traders performed a small poll of which 70 people participated. The poll question which stated “What is your holistic outlook on the price of BTC by December 31, 2017,” detailed 67 percent of participants said “bullish” while 11 percent voted “bearish.”
Bear Scenario: If the fiat value of bitcoin does not hold above the $1,000 range then bears could get a better grasp at bringing down the market price. Support looks decent in the $980 range if the trendline breaks, but deeper corrections could follow if the price doesn’t hold. At the moment a bear scenario seems unlikely, but you never can tell in the land of bitcoin.
Bull Scenario: Currently bitcoin is slightly bullish and is breaking some higher price resistance. In the short-term, the price per BTC could break above the $1,080 mark and climb further from there if buyers continue to hop on the rise. An $1,100 price point could inject more optimism into the minds of traders which would attribute to more buy pressure. Currently, the upward trajectory is slow as order books still show big sell walls.
What do you think about Bitcoin’s markets at the moment? Do you think bitcoin can break above $1,100 again? Or is the price going below the $1,000 range once again? What are your thoughts on altcoin markets? Let us know your price predictions and outlook in the comments below.
Disclaimer: Bitcoin price articles are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money”.
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