Bitcoin and the altcoin market are sending mixed signals to investors.demonstrates extremely low volatility, accompanied by a decrease in trading volume and liquidity. On the other hand, altcoins moved up and down, showing a deviation of 100%.
It's possible that bitcoin liquidity and trading volume spilled over into altcoins. If so, then BTC will not resume its growth until the altcoins start losing their profits.
In the short term, several factors should be taken into account that may affect the further movement of bitcoin.
At the time of writing, bitcoin was trading atthe price of $ 9,159, it fluctuated around this level last week. Buyers tried to generate increased volatility, but each attempt failed.
It seems that the consolidation phase has come for a long time,especially since the owners of bitcoins withdraw them from cryptocurrency exchanges, choosing cold storage, or hardware wallets. This indicates the choice of a long-term investment strategy.
The analytical company Glassnode reflected the decrease in the balance of wallets on the exchange in a separate chart.
Bitcoin exchange balance continues to decline | @glassnode pic.twitter.com/SYkN8qyu4f
- Unfolded (@cryptounfolded) July 18, 2020
Let's list the very four factors that will lead to a conclusion about the further breakout of Bitcoin upward:
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Finding above the 100-day and 200-day moving averages.
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Crazy accumulation of volume.
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A decrease in volume > a big upward movement.
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Since we have taken all the lows of ->, an upside breakout is more likely.
A few things on the crypto market capitalization.
1 — Above 100-Day and 200-Day MA.
2 — Insane volume accumulation.
3 — Volume decrease -> big move coming up.
4 — As we took all the lows -> upwards break is more likely.Just sit back and enjoy the ride. $ BTC #BITCOIN pic.twitter.com/z5VinBgGS2
- Crypto Michaël (@CryptoMichNL) July 17, 2020
For these factors to affect the medium-term outlook for bitcoin, the cryptocurrency must first overcome strong resistance in the $ 9,500-10,000 range.
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