Crypto Market On Edge As Bitcoin’s Boring Price Action Continues

Bitcoin’s price remains stagnant, leaving traders uncertain about the next move in the market. While some analysts see signs of potential bull momentum fueled by increased exposure from Bitcoin whales, the current period of consolidation suggests a potential increase in volatility in the near future, affecting the overall crypto landscape.

By Staff

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Bitcoin’s price has been relatively stable over the weekend, indicating uncertainty among traders about the next directional move. However, analysts note that the current consolidation phase could lead to increased volatility in the future. Some analysts believe that the increase in exposure by Bitcoin whales could be a positive sign for an upcoming bull move, possibly in September when summer seasonality comes into play.

While Bitcoin experienced significant gains in the first months of the year, major altcoins struggled to keep up. The current consolidation in Bitcoin’s price presents an opportunity for select altcoins to catch up and potentially perform well in the near term.

Analyzing the charts, Bitcoin’s price is currently caught between the 20-day exponential moving average ($29,430) and the horizontal support at $28,861, with the bears having a slight advantage based on the downsloping 20-day EMA and the negative RSI. A break below the support zone could lead to a downward move towards $26,000, while a rebound and break above the 50-day simple moving average ($29,840) might indicate the start of a recovery toward the overhead resistance zone between $31,804 and $32,400.

Shiba Inu (SHIB) has recently broken and closed above the overhead resistance at $0.0000085, suggesting the possibility of a new uptrend. The RSI entering the overbought territory indicates a potential for minor correction or consolidation. If the bulls hold ground and break above $0.000010, the pair may surge to $0.000012 and then $0.000014.

Uniswap (UNI) is in a correction phase, but the bulls are attempting to support the price near the 20-day EMA ($6.04). A rebound off this level could lead to a rise towards $6.70 and $7.50. On the other hand, a sustained move below the 20-day EMA might indicate the end of the up-move and lead to a potential fall toward the 50-day SMA ($5.58).

OKB (OKB) has been moving within a range between $38 and $59, and the recent move above the downtrend line indicates a possible end to the short-term downtrend. The 20-day EMA turning up and the RSI in the positive territory indicate the bulls’ upper hand. A push towards $48 and $50 is possible, but a break below the downtrend line could bring further weakness and a potential slump to $41.

Overall, the cryptocurrency market is in a phase of consolidation, and traders should closely monitor these key levels and indicators to anticipate potential breakouts or continuation of the current trends.

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