The price of Bitcoin is once again found to be in a state of 'lifelessness' as it does not show any convincing steps to continue skyrocketing. This worsens when trading volumes decrease, where 'volume' declines across the board.
The latest indication of the price of BTC leads to the finding as an analyst that there is a similarity of the technical pattern this time with the technical pattern that occurred in the 'bearish' market in 2018.
According to an analyst from CryptoQuant, the price of BTC is forming a technical pattern that is very similar to the bearish market price of 2018. Other conditions are also seen to be quite similar, including reduced trading volume and volatility.
img1_cryptoquant_chart
The movement of bitcoin in the long term has decreased and the price volatility has become very low. If the current triangle pattern is then downward coupled with the price deviating from the support line, there is a possibility that the market will continue to be 'bearish'.
At the time of this writing, the price of Bitcoin is trading slightly above $19,000. It declined from yesterday's highs around $19,700, unable to break through the coveted resistance at $20K.
Another popular analytics source, Glassnode, argues that the Bitcoin market is poised to explode either down or up. Various reasons lead to that conclusion including the things below:
– Weekly SPOR approaching breakeven value.
– Bitcoin price is trading relatively close to the critical resistance level of $20K making it more likely that volatility will increase.
However, such analytical sources fail to provide direction predictions, arguing that the market can move in any direction.
Meanwhile, BTC market sentiment remains in a state of extreme fear, according to AlternativeMe. It has improved slightly in the past few days, but it remains near a 1-year cycle low on the chart.
