The last few hours have seen a fresh wave of trading which has pushed the price of Bitcoin to stand very close to the $32,000 support level. This comes as the general disinterest coupled with the low volume of trading has seen the price revisiting the lower edge of its current spectrum.
Not just BTC, as Ethereum has also had its price falling under pressure coupled with BTC with the momentum building ahead of the upcoming London Hard Fork of the network. The blockchain definitely failed to keep its price over $2000- with a low of $1,918.
Bitcoin’s Compression Range Tightens
Several insights of the market conditions have come up due to Gas Fring- which is just a pseudonymous account on Twitter. The account has posted several highlights of trading for Bitcoin which has distinctly been range-bound. The user has posted that the price of BTC has had a perennial tendency to trade at a very consistent range- which follows major price moves.
The last few instances have lasted as long as 132 days- which was the case in the latter half of 2018. Currently, the range of compression has lasted for 55 days- where the range has been fixed between $30,000 and $36,500 since the 19th of June.
According to the Twitter user, the previous instance shows a layered stricter compression which was seen in the fourth quarter of 2018 and the summer of 2020. As stated, this period of tighter compression did last for a major part of the overall period.
The market for altcoin has been hit pretty hard by the sell-off which took place in the afternoon- which left behind a few coins as the traders made for the exits hastily- the mess created by Bitcoin seeping towards other cryptocurrencies too.
