BTC (Bitcoin) is on track to post gains for the fourth consecutive day following a recent bout of volatility from last weekend. Importantly, the crypto is currently caught in a trading between approximately $3,700 and $4,200, which BTC may be stuck between for an extended period of time.
Josh Rager, one of the most popular figure within the cryptocurrency industry is claiming that the market sentiment is beginning to shift as fund managers begin to believe that the low-$3,000 region is a long-term bottom for the cryptocurrency.
Currently, Bitcoin is trading up marginally at its current price of $3,940. Over the past several days, BTC has been able to climb slightly after facing increased volatility over this past weekend.
Bitcoin and the entire crypto markets over the past month or so, have generally incurred volatility over the weekends, which may stem from lower-than-average trading volume.
Popular cryptocurrency trader, Josh Rager, recently shared his thoughts on Bitcoin’s current price action, noting that it is currently caught in a trading range between $3,700 and $4,200, and further adding that BTC faces incredibly strong resistance at $4,700.
Rager explained, “$BTC Weekly Chart… Zoom out, currently ranging between $3,600 to $4,200. If Bitcoin pushes up, I don’t see it closing above the weekly resistance near $4,700 and that’s my short position. A drop would retest Weekly MA which has held $BTC price (break below weekly MA is bearish).”
Currently, Bitcoin’s weekly MA is set at approximately $3,550 according to the chart that Rager referenced.
Sentiment May be Shifting as $3,000 Holds as Strong Level of Support
Founder and partner at Morgan Creek Digital, Anthony Pompliano, recently explained that the drop to $3,000 significantly impacted the overall crypto market sentiment, but further added that BTC’s ability to hold steady above $3,000 may signal that this price is a long-term bottom, which is leading many fund managers to have a more optimistic outlook on the markets.
Oil Rates Go Down
U.S. WTI (West Texas Intermediate) crude futures slumped by 58 cents, or 1.02 percent over the day, and is trading at around $56.08 at press time. CNBC reports that earlier today WTI lost more than 3 percent reaching the three-week low at $54.52.
Also, Brent Crude futures are down 0.77 percent, or 51 percent on the day, and are trading at around $65.79. The international benchmark for oil prices was reportedly on pace for a roughly 1 percent gain on the week.
As MarketWatch reported today, the Dow Jones Industrial Average fell by 200 points, or 0.08 percent to the price point of $25,270, while the S&P 500 index lost 0.6 percent to trade at around $2,743.
Do you see a pattern between the crypto and oil market? Let us know in the comments below.
