bitcoin [BTC] there has been some turbulence in recent days. The price of the royal coin and other cryptocurrencies fell on September 5th. To the press, the king’s coin was changing hands at $19,307 after a 2.99% rise in the last day. However, it has fallen 3.85% in the past seven days.
So why the bullish sentiment?
In this regard, Bloomberg analyst Mike McGlone said: “Bitcoin is a wildcard, ready to do well when stocks fall, but it turns into gold and bonds. »
In addition, according to the analyst, he is “ready” to be ahead of the market when traditional markets fall.
McGlone noted in a recent post that the direction of the stock market will be determined by tightening the US Federal Reserve. He also stated that BTC remains a wildcard that could challenge the trend. Moreover, many analysts and investors agree with McGlone.
What about bears?
Just as some see BTC as bullish, there are still those who believe that BTC remains risky and bearish. Bitcoin, at the time of publication, was trying to overcome its psychological level of $20,000. Moreover, risk aversion has taken hold of the markets again. Craig Erlamanalyst at Oanda, a global company providing industry-leading currency solutions for individuals and businesses.
With the June low near $17,500 being the next important level below it, a significant break right now could be quite devastating.
Craig’s bearish view is shared by other analysts. Naeem Aslam, analyst at the brokerage company AveTrade. said,
“Bitcoin’s daily range has narrowed a lot and this indicates that there is a massive capitulation ahead. »
Aslam gave reasons to support his claims. In addition, traders have defied selling pressure to keep the price of the cryptocurrency rising.
Besides, according to Reutersinvestors and exchanges may face difficulties due to the current price dynamics of BTC.
Thus, the main cryptocurrency has stabilized in the range from 1 to 2%. $17,000–$20,000 since July.
This is due to the price trend, which shows a sharp drop in BTC volatility. As such, it becomes “boring” for investors who may soon turn to its competitors such as Ethereum.
waiting, Bloomberg recently reported that investors “fell into hibernation” against the backdrop of a protracted cryptocurrency winter.
This is because BTC has already experienced disturbing activity on the network. The coin has also experienced significant pullbacks from controlled exchanges.