Some traders are commenting for one more time that the BTC continues to be at its “boring” phase. Evidently, there is no interest for the downside, but there is also no interest for the upside. The price of BTC is slowly exhausting itself during this phase, pushing many traders out of the market, which is expressed through the decreasing value of daily BTC trades. Futures market has also slowed down. As news is reporting, there has been a $900 million outflow from BTC ETFs. Currently the main question would be, where is the BTC`s equilibrium price, which would bring back trader`s interest for this coin?
The price of BTC was moving within a modestly lower range during the previous week, between levels of $ 67K, down to $63.7K. Still, the majority of deals during the week were around the $ 65K support line, which has been clearly tested for the potential for the downside. The RSI reached the level of 37, however, the indicator is still pending to enter into the clear oversold market side. Moving averages of 50 and 200 days continue to move as two parallel lines, without an indication of a potential for a cross in the coming period.
Currently, the market is testing the 65K support line. As there is decreasing trading interest and low volatility, the potential for higher grounds at this moment is decreased. However, the RSI is still pending a clear oversold market side, in which sense, the price of BTC has some space to reach lower grounds. In this case, that would be a $63K short term support line. But, at the same time, charts are showing some potential for a short reversal to the upside, but not higher from $66K. It should be also considered that PCE data are set for a release during the week ahead, which might bring back volatility to the BTC market in absence of any other significant fundamentals for the BTC.
The price of BTC was moving within a modestly lower range during the previous week, between levels of $ 67K, down to $63.7K. Still, the majority of deals during the week were around the $ 65K support line, which has been clearly tested for the potential for the downside. The RSI reached the level of 37, however, the indicator is still pending to enter into the clear oversold market side. Moving averages of 50 and 200 days continue to move as two parallel lines, without an indication of a potential for a cross in the coming period.
Currently, the market is testing the 65K support line. As there is decreasing trading interest and low volatility, the potential for higher grounds at this moment is decreased. However, the RSI is still pending a clear oversold market side, in which sense, the price of BTC has some space to reach lower grounds. In this case, that would be a $63K short term support line. But, at the same time, charts are showing some potential for a short reversal to the upside, but not higher from $66K. It should be also considered that PCE data are set for a release during the week ahead, which might bring back volatility to the BTC market in absence of any other significant fundamentals for the BTC.
