• Latest
Bulls largely absent as Bitcoin price slips to the bottom of its range near $32K

Bulls largely absent as Bitcoin price slips to the bottom of its range near $32K

Juli 13, 2021
6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

März 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

März 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine

The ultimate guide to Miami – Cointelegraph Magazine

März 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine

Dr. Jane Thomason – Cointelegraph Magazine

März 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

März 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

März 31, 2023
Jed McCaleb empties XRP wallet after eight-year selloff

Jed McCaleb empties XRP wallet after eight-year selloff

März 31, 2023
Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

März 31, 2023
The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

März 31, 2023
SEC objects to XRP holders aiding Ripple defense

SEC objects to XRP holders aiding Ripple defense

März 31, 2023
Blockchain technology is transforming the real estate market – Cointelegraph Magazine

Blockchain technology is transforming the real estate market – Cointelegraph Magazine

März 31, 2023
1658612147 nfts banned in minecraft sec lists 9 tokens as securities.jpg

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

März 31, 2023
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Bitcoin

Bulls largely absent as Bitcoin price slips to the bottom of its range near $32K

coinnewsdaily by coinnewsdaily
Juli 13, 2021
in Bitcoin, Ethereum, NFT
0
Bulls largely absent as Bitcoin price slips to the bottom of its range near $32K
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Within the past few hours, a fresh wave of selling pushed Bitcoin (BTC) price close to the $32,000 support level as the low trading volume and general disinterest from traders saw the price revisit the lower section of its current range.

Altcoin
BTC/USDT 4-hour chart. Source: TradingView

The price of Ether (ETH) also fell under pressure alongside Bitcoin as the building momentum ahead of the network’s upcoming London Hard Fork failed to support a price above $2,000, resulting in a daily low of $1,918.

Related articles

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

März 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

März 31, 2023

Bitcoin’s compression range tightens

Some insights into the current market conditions were offered by Gas Fring, a pseudonymous Twitter account, who posted the following tweet highlighting previous instances of range-bound trading for BTC.

1/ Here’s a chart showing occasions when $btcusd has remained rangebound.

Bitmex funding regimes help determine the direction of breakout.

Barring Q4 2018, when funding flipped from a negative to positive regime, a month long regime usually helps determine the direction… pic.twitter.com/te93tA98JO

— Gas Fring (@gas_fring_) July 13, 2021

As shown in the chart below, Bitcoin price has a tendency to trade within a consistent range following significant price moves, with previous instances lasting up to 132 days as was the case in late 2018 to early 2019.

author
BraveNewCoin liquid index for Bitcoin 1-day chart. Source: Twitter

The current compression range has lasted 55 days with a tighter range between $30,000 and $36,500 being seen since June 19.

According to Gas Fring, in the previous instance of a “layered stricter compression” seen in Q4 of 2018 and in the summer of 2020, the period of tighter compression “lasted for roughly half the overall period.”

“This tells me that we might have another 2 weeks or so of such inner tighter compression which will take the periods to 34 and 68 days respectively.

Altcoins hit hard as Bitcoin continues to struggle

The altcoin market was hit hard by the afternoon sell-off, leaving few coins in the green as traders hastily made for the exits.

AXIe
Daily cryptocurrency market performance. Source: Coin360

Nonfungible and gaming tokens like Axie Infinity (AXS) and Small Love Potion (SLP) continue to be the bright spot in an otherwise gloomy market, putting on gains of 22% and 35% respectively as new users embrace the daily income opportunity provided by the blockchain-based trading and battling game.

Other notable gainers include a 16% increase in the price of Phala Network (PHALA) and a 15% gain for MyNeighborAlice (ALICE).

The overall cryptocurrency market cap now stands at $1.314 trillion and Bitcoin’s dominance rate is 46.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CoinNewsDaily. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Tags: AltcoinBitcoinBreakoutBTCEtherEthereumRangeTradeTrading
Share76Tweet48
Previous Post

Who’s bullish now? XRP below $1, futures open interest down by 75%

Next Post

Is Buying.com the Next Breakthrough in E-Commerce?

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
NFT

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

März 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case
NFT

Judge denies SEC motion to keep Hinman docs secret in Ripple case

März 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine
NFT

The ultimate guide to Miami – Cointelegraph Magazine

März 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine
NFT

Dr. Jane Thomason – Cointelegraph Magazine

März 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg
NFT

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

März 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine
NFT

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

März 31, 2023
Load More
Next Post
Is Buying.com the Next Breakthrough in E-Commerce?

Is Buying.com the Next Breakthrough in E-Commerce?

Kategorien

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • 6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
  • Judge denies SEC motion to keep Hinman docs secret in Ripple case
  • The ultimate guide to Miami – Cointelegraph Magazine
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

Please enter CoinMarketCap Free Api Key to get this plugin works.
✕
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev