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July 19, 2024
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Attention Trades; Bitcoin to Remain Flat This Weekend-Do Not Expect Any Major Move

The post Attention Trades; Bitcoin to Remain Flat This Weekend-Do Not Expect Any Major Move appeared first on Coinpedia Fintech News

Crypto markets nowadays have become less interesting as they have been trading in the absence of the required liquidity. Besides, the bears also appear to remain inactive, which has compelled the price of Bitcoin to remain within a narrow range. For this reason, the global crypto market cap has also remained stuck around $1.06 trillion for quite some time. However, if the market participants believe a massive change may occur in the coming weekend, it may just end up being fictional.

During the latest upswing beyond $28,000, the BTC price soared above the resistance line and not only reached the price reversal zone but also the next resistance levels. In the meantime, a regular divergence (RD) between volume and price between two consecutive peaks was witnessed. However, the rejection that followed dragged the price back to its initial resistance and also broke the major support at $25,800.

Despite the price plunge, the Bitcoin price reacted well to the price reversal zone and rebounded after a contact. Hence, now that the price is believed to undergo a sensible upswing, the lack of volatility may not allow it to do so.

The BTC price is trading within the support zone at the moment, and the recent rejection from the interim rejection may compel the price to reach lower support. This may trigger a notable upswing, which could push the price above $26,200 in the coming week. But the dropped trading volume and the upcoming death cross may not allow the price to soar beyond $26,000. Rather, it may face yet another bearish pullback, leading the token to visit the lower support at $25,200.

Therefore, market sentiment is expected to remain motionless throughout the weekend, with minor price variations. Until the bearish clouds of death cross hover over the markets, no specific price action may be expected.

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