Lots of traders are puzzled by the fact that BTC price did not react to the withdrawal of VanEck’s ETF application. Expectations were that the price will move few hundred dollars up or down depending on the decision.
Surprisingly, there was a lack of significant negative reaction. The small loss of $50 was quickly recouped, and BTC continues to trade sideways. Its current price is $3,587.
CME Futures expiry: One more non-event?
Bitcoin CME futures expired today without affecting the BTC price so far. This is in contrast with the movements which we saw around the futures expiry dates in the past. Here is a look at the BTC price 24h before and after the previous events.
BTC repeating the 2014 cycle?
By zooming out the BTC/USD chart, we can see that BTC price might be a couple of months away from touching the bottom of the ascending channel. It’s no wonder that some traders are speculating if BTC will repeat the 2014 cycle.
The volume of trading is still bearishly low. If we see a sharp decline below $3,250, things could get unpleasant. While many professional traders predict a bullish fakeout before the price drops to $1,600-$2,400 levels, Investing Scope claims that BTC has already hit the bottom. According to them, there is a prolonged consolidation ahead of us until the next bull run. If their prediction based on the behavioral charting and RSI is true, be prepared for a lengthy accumulation and recovery period.
Either way, the best would be to wait for a breakout from the triangle which started forming 10 days ago. The bigger move is supposed to happen in the next two days.