After hitting a high point around $7,400 on the 4th of September, Bitcoin (BTC) started falling consistently. By the 17th of September, the cryptocurrency had fallen to $6,200 price level and looks to be in a channel between its current valuation and the $6,600 level.
This small window has allowed the crypto market a chance to stop worrying momentarily. Bitcoin has been stable between the $6,200 and $6,600 price level with small disturbances.
While the optimism in the crypto market is not restored fully yet, the recent trend is giving the players a chance to hope for the better.Not everyone is ready to put their trust into Bitcoin right now though.
Edward Morra, is a renowned technical analyst in the world of cryptocurrencies. He believes that the crypto market – including Bitcoin – is still on a downtrend.
Numbers Don’t Lie
Analyzing the performance of Bitcoin for the last week, we can clearly see that the cryptocurrency has been stable between $6,200 and $6,600.
From 27th of August to the first few days of September, Bitcoin made some serious leaps to the positive side. This resulted in a noticeable rise of volatility in the market.
Morra brilliantly explains the current condition of the crypto market,
“I’m not really sure why some people are still bullish here, market clearly showed you the evidence of supply still completely dominating the place. Erasing 2 weeks worth of gains in 2 days. That’s failed rally, and this is a sign of weakness, not the spring.”
When is the Right Time to Potentially Strike?
Morra has said that the market should stay fairly beneficial for investors in the low price range. Bitcoin (BTC) and Ethereum (ETH) along with other major cryptocurrencies leveled out 2 weeks of gains in just 2 days. So now isn’t the time for a bullish rally.
Morra is not the only one who is supporting the low price range cryptocurrencies. Erik Voorhees, CEO of ShapeShift, also believes that the crypto market is nowhere near a bullish run.
The chief of Shapeshift said that the low price range is a great domain to invest right now. He also added that even if BTC falls, there is a high chance that it won’t slip below $5,500 price level.