Over the past month, while market action has been relatively quiet, crypto traders have punched the buy button when bitcoin’s price drops below $9,000.
“Bitcoin managed to approach the level of $9,300, after which immediately rolled back to the $9,250 area,” said Constantine Kogan, partner at cryptocurrency fund of funds BitBull Capital. “The coin continues to trade in a narrow price range,” he said, adding that crypto markets are experiencing record low volatility.
The lack of action is causing vigilant traders to change their strategies. For example, there appears to be sentiment that bitcoin at $9,000 is a good price point for traders to buy. “Every time the market has poked its nose below $9,000, buyers have stepped in,” said Rupert Douglas, head of institutional sales at London-based broker Koine.
Indeed, over the past month, when the world’s oldest cryptocurrency dipped below $9,000, traders scooped it up on spot markets like Coinbase.
when its at 100k+ folks will be dreaming about 10k
SlenderLoris
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I think a correction is due.. Everyone is focused on more traditional stocks (bubble much?) and I think that in order for us to gain any reaaalllll traction we have to see the 7k area first. People are falling off due to the lack of movement whereas traditional stocks are at a high.. Smart moneys probably waiting for a legit dip and the action (or lack there of) that we have been seeing is from higher leverage scalp traders. A couple percent is nice when youre trading x10 but for people who want to just buy and hold, 9k doesn't look so appealing. Just my opinion..