BTC hovers near $8K, where to next?


Opening your browser today, you’ll see Bitcoin continue to trade sideways at an anemic $8000 mark after troubling plunges last week.

Ethereum and Ripple are also both down significantly, as are :Litecoin, Binance Coin and many other altcoins.

“According to data from Coin360, the top-20 coins are almost all reporting losses between 0.2% and 5% on the day,” writes Joeri Cant at Cointelegraph in a broader survey. “Bitcoin Cash (BCH) and Dash (DASH) are the biggest losers in the top-20, down 3.78% and 4.4%, respectively. The overall cryptocurrency market cap sits at $213.7 billion, with Bitcoin making up 67.8% of the total.”

In other targeted coverage, Keith Wareing talks about two bearish indicators including analysis of Bollinger bands tightening around a range from $8300 to $7900.

“The last time this happened after a parabolic run was just before the bear market of 2018 and any person with a substantial position in Bitcoin would have have been aware of this,” Wareing writes. “Newer investors and moonboys probably were not expecting this week’s downside break…”

Omkar Godbole at Coindesk points out that without a dramatic uptick, Bitcoin is looking at a quarterly loss from July 1.

Presenting a quarterly performance chart for the last eight years, Godbole shows that Bitcoin hit record growth in the first quarter of 2013, and then runner-up levels in Q4 of that year.

It also shows 2018’s calm waters, with relatively little and balanced movement as we watched Bitcoin crawl sideways through much of the year.

Now, Godbole suggests any bullish behavior will have some headwinds.

“Corrective rallies, if any, will likely face stiff resistance of the 200-day MA at $8415,” Godbole writes.

Take a look at Bitcoin around 8K and rebalance your portfolio for future price activity.