• Bottoming out is a long drawn process, not yet over for BTC.
  • Many paths to cross before it can be termed a bottom.

Bitcoin, the uncrowned King of cryptocurrencies, has given a bounce from the recent bottom, making many traders and investors believe that perhaps the largest crypto has bottomed out. But its a long drawn process and won't bottom out so soon.

BTC/USD is flat on day at $4,138 and trading in about 3 percent range for the day. In this small bounce visible, perhaps BTC would gain a bit further towards $4,600, its 21 days SMA and middle point of the Bollinger Bands. While volumes and volatility are on the lower side, thanks to weekend trading, it also is a sign that after a bounce of more than 15 percent from the bottom of $3500, bulls are not in a hurry to lap it up further.

Another sign that bottom is not yet in place is, it usually takes a few weeks for any asset class to bottom out for many months' bear market. It needs to consolidate near the bottom in a range bound market. So it would probably take a few more weeks and months before we can call it a meaningful bottom in place.

BTC/USD daily chart:

 


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD $11,000 barrier must be broken or sellers will likely punish again

Bitcoin price on Friday is trading in the green, up some 3.10%. BTC/USD will need to break down a big barrier seen at $11,000 in order to achieve a greater upside. A decent wave of buying came into play as the price broke out of the recent range, which was capped at $10,200 to the upside.

More Bitcoin News

LTC/USD price is vulnerable within a bearish pennant

Litecoin price on Friday is trading in the green, up some 2.40%. LTC/USD price action is moving within consolidation mode.

More Litecoin News

BCH/USD: 300 is well supported once again

Bitcoin Cash has rejected downside moves yet again. Key trendline apex needs testing soon. 360 is still the level to breach for upside momentum.

More Bitcoin Cash News

NEO announces new partnership with gumi Cryptos bringing blockchain to Japan

NEO Foundation has announced a new partnership with gum Cryptos. The two organisations will be working on bringing blockchain technology to Japan. 

More Neo News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP