Market Wrap: Bitcoin Rises After Volatile Week
Analysts see the possibility of further selling pressure despite short-term relief.
THE Updated Crypto News
Analysts see the possibility of further selling pressure despite short-term relief.
“We expect volatility to remain under pressure until mid [to] late August,” said one trading firm.
Ether is attempting to break above the 50-day moving average for the first time since March.
Bitcoin shorts are unwinding positions into the month’s close. Traders watching for signs of capitulation.
The technical charts suggest further downside is likely as sellers react to extreme overbought conditions since March.
Bitcoin is recovering from a volatile shakeout. Options expiry has large open interest around $40K.
Bitcoin’s near 50% decline from all-time highs surprised analysts as China’s crackdown fueled bearish sentiment.
CME's bitcoin futures goes into "backwardation" and BTC inflows to exchanges rise as China "FUD" continues.
Bitcoin’s ‘death cross’ could increase selling pressure into the weekend.
“They are doing it out of the sense of survival,” said John Reed Stark, former chief of the U.S. Securities…