‘Wild ride’ lower for BTC? 5 things to know in Bitcoin this week￼
The holiday weekend is making everyone nervous as BTC price action hovers at $19,000.
Bitcoin (BTC) starts a new week still in holiday mode with United States financial markets off for Independence Day.
The largest cryptocurrency, stuck below the increasingly daunting $20,000 mark, continues to feel the pressure from the macro environment as talk of lower levels remains omnipresent.
After a quiet weekend, hodlers find themselves stuck in a narrow range while the prospect of a breakout to the upside appears increasingly hard to believe.
As one trader and analyst singles out July 4 as the site of a “wild run to the downside” for crypto markets, the countdown is on for Bitcoin to weather the aftermath of the latest Federal Reserve rate hike.
What else could the coming week have in store? Cointelegraph takes a look at the potential market-moving factors for the days ahead.
BTC price bides its time over long weekend
Bitcoin emerged from the weekend unscathed, but the classic pitfalls of off-peak trading remain.
The United States will not return to trading desks until July 5, providing ample opportunity for some classic weekend price action in the meantime.
So far, the market has held off when it comes to volatility — with the exception of a brief spike to $18,800, BTC/USD has circled the area between $19,000 and $19,500 for several days.
“While below the range low we can expect a drop down to $18,000,” popular trading account Crypto Tony reiterated to Twitter followers as part of a fresh update on July 4:
“Been a very boring few days in the markets, and this is classic for a mid range.”
In terms of targets to the downside, others continued to eye the area around $16,000.