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Bitcoin remains stable for 3 days on $7,200, but where the Market headed?

This year the Bitcoin has not shown much improvement in its price, the price of bitcoin has fluctuated down a lot. Till the end of August the stability, it hasn’t seen since early 2017. Throughout this week, bitcoin price has remained above the $7,200 mar. Since Sunday, the cryptocurrency market has not seen any major movement to both the upside and downside, possibly due to the lack of momentum and volume in Bitcoin, Ethereum, and other major cryptocurrencies to initiate a strong mid-term rally.

Whereas, the stability of the Bitcoin is shown could be considered as a positive indicator for mid-term recovery, as it is highly unlikely for any asset, commodity, or currency to see a major trend reversal following a 70 percent correction within a period of several weeks.

Pundi X, VeChain, ICON, Ontology, Aelf, OmiseGo, and Theta Token, tokens which bled out against Bitcoin, Ethereum, and the US dollar throughout this week, have started to demonstrate solid gains with a fairly large spike in volume.

Newly found the momentum of tokens is often a positive indicator for the short-term performance of the cryptocurrency market, as it signals the intent of investors to take high-risk trades over safe options like BTC that have shown stability for over a month.

In the upcoming 24 to 48 hours, if Bitcoin price can break out of the $7,500 resistance level, it may potentially eye a movement to $8,000.

 

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