Bitcoin markets have been suffering a certain malaise lately, showing little volatility.<\/p>\n
Bitcoin prices have been trading within a relatively tight range lately, experiencing minimal volatility as market observers wait for the next major catalyst to drive the cryptocurrency higher or lower. <\/p>\n
The digital asset started moving primarily between $7,200 and $7,800 late last month, narrowing to a smaller range of roughly $7,200 to $7,400 on November 30th, CoinDesk price data shows. <\/p>\n
The cryptocurrency has been experiencing this relative calm as it follows a broader, downward trend, during which it has repeatedly notched lower highs, additional CoinDesk figures reveal. <\/p>\n
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]<\/p>\n
Bitcoin is in a general downward trend with temporary technical bounces from oversold price points, said Joe DiPasquale, CEO of cryptocurrency hedge fund managerBitBull Capital. <\/p>\n
The upcoming holiday season may also result in thinning volumes, adding further pressure on the price, he added. <\/p>\n
Meanwhile, investors have adopted a wait and watch approach to see if any market catalysts help conclusively drive the market in a particular direction, concluded DiPasquale. <\/p>\n
Bullish Technicals<\/p>\n
While bitcoin has managed to stay within a reasonably defined range over the last several days, it has also been displaying some bullish technical signals, giving market observers hope that it may experience a positive breakout soon. <\/p>\n
Mati Greenspan, founder of the newsletterQuantum Economics, weighed in on these developments, helping shed some light on the situation. <\/p>\n
Over the last week, technical indicators have shown signs that a reversal may be in the cards soon, he stated. <\/p>\n
At the moment, sentiment and volumes are at the lows. A strong push past the $8,000 [level] could very easily open the way back to the recent highs of $14,000, said Greenspan. <\/p>\n
At the same time, Greenspan emphasized the limited nature of relying on technical analysis, noting that past performance is not always an indication of future results. <\/p>\n
Adam Vettese, an investment analyst for eToro, also weighed in, stating that the technical picture is encouraging but not conclusive. <\/p>\n
The price action still has a little bit further to go to reverse the long-standing downtrend, he added, so I would want to see a bit of a stronger reversal first.<\/p>\n
Sentiment Data<\/p>\n
Crypto investors have been particularly bullish or bearish, according to sentiment figures provided by cryptocurrency analytics platformTheTIE.io. <\/p>\n
From a short-term point of view Bitcoin sentiment is very flat, Joshua Frank, cofounder of TheTIE.io, said yesterday. <\/p>\n
Tweet volumes today are below average and daily Bitcoin sentiment is sitting right around 54% (neutral), he added. <\/p>\n
The chart below depicts the relationship between price, daily sentiment and tweet volume: <\/p>\n
Bitcoin prices, sentiment data and tweet volume. <\/p>\n
There is nothing to suggest a strong upwards movement is coming from a purely sentiment point of view, said Frank. <\/p>\n
Waiting For Whats Next<\/p>\n
Considering the widespread malaise affecting the bitcoin markets, Marouane Garcon, managing director of crypto-to-crypto derivatives platformAmulet, summed up the mindset of many traders, investors and analysts. <\/p>\n
I think that were all waiting for whats next, he stated. <\/p>\n
I think the market needs more utility, added Garcon. <\/p>\n
He mentioned decentralized finance, describing it as an exciting sector thats experiencing great growth and it has a great use case.<\/p>\n
There needs to be a reason or several reasons for people to get excited about crypto again, said Garcon. <\/p>\n
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.<\/p>\n
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Continued here: <\/p>\n
Bitcoin Trades Range-Bound As Investors Wait And See - Forbes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin markets have been suffering a certain malaise lately, showing little volatility. Continue reading