Bitcoin (BTC) Teeters on $8,000 Edge
As the last quarter progresses, BTC is seeking a price scenario, while aiming to stay above $8,000.
As the last quarter progresses, BTC is seeking a price scenario, while aiming to stay above $8,000.
Bitcoin (BTC) settled around $8,000 as its new tier of stability, but now this position is once again shaky. BTC traded at $8,025.79 on Thursday, bouncing off from yesterday’s low at $7,985.79.
Once again, when BTC enters a period of stagnation, several scenarios are usually proposed. This time, BTC is seen as dipping as low as $6,000, before staging a strong recovery ahead of the block reward halving.
https://twitter.com/rektcapital/status/1184551048746274822
In any case, BTC expects to choose a direction in the coming weeks, based on a moving averages cross.
https://twitter.com/PositiveCrypto/status/1184097031939334145
At the same time, theBitcoin fear and greed indexis stuck at 40 points, with no sign of budging. Bitcoin mining remains highly active, at 90 EH/s, though down from the absolute peak above 110 EH/s. Transactions are back above 300,000 per day, not counting change returns, with a significant backlog.
BTC is also prone to deep retraces, and this time may be no exception. There are no fundamentals to promise a certain price direction. The period of stagnant prices also coincides with a long period of no significant change in the supply of Tether (USDT). At the same time, USDC is growing its supply, and is seen as a possible boost to the market. Smaller stablecoins may take the role of USDT and avoid the skepticism surrounding the coin.
There are also no signs of possible influence from iFinex, Bitfinex, and Tether, Inc., which are still investigated by the New York Attorney General, and are facing a class-action lawsuit with a $1.4 trillion claim of damages.
BTC also faces news of a shakier macroeconomic climate worldwide. At this point, it is uncertain if BTC would benefit from the new bout of quantitative easing.