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Cryptocurrency market update: Was the crypto bull run a mirage? Bitcoin bottoms as altcoins nurse wounds

  • A 20-week range that has capped Bitcoin appears to be approaching a breakout.
  • The high level of speculation in the market is having a toll on the cryptocurrencies.

The status of the cryptocurrency market is not at its best position in 2018. In fact, it is unlikely that the tide will reverse any time soon. The current analysis using primary indicators point towards continued bottoming of cryptocurrency starting with the king of them all, Bitcoin. However, a 20-week range that has capped Bitcoin appears to be approaching a breakout. However, there just too many that inline towards a continuation of the trend in 2018. The report by some of the most respected Bloomberg intelligent analysts states:

“Market indicators that have proven healthy in the past remain decidedly negative for the Bitcoin price. Restrained within the narrowest 20-week range in two years, the declining broader market, along with depressed volume and volatility measures, tilt uncoiling risks downward.”

On the contrary, there is a chance that Bitcoin could escape the narrow 20-week range through the bottom. Instability in the crypto market is detrimental to the consolidating prices in the bear market. The analysts point to that fact that Bitcoin has remained in the same position since April. However, the entire market has dropped 15% as per the data from Bloomberg Galaxy Crypto Index. The high level of speculation in the market is having a toll on the cryptocurrencies coupled with rising EM currency volatility but these two factors are in some way a boost to Bitcoin.

While the declining prices is a concern for most investors, lower prices are expected to culminate in the digital assets have stable prices. As prices decline, stability is increasing while volatility reduces immensely. High volatility is useful for speculation but a risk on many other aspects of the market. Stable coins are slowly driving the crypto market into a future that is enduring.


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Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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