Higher or Lower, a Bitcoin Ultimatum is Coming Soon
Bitcoin’s trading range has been no more than $1,000 in the last month but in the last two weeks it has tightened to a range of $400.
Volume in BTC has also declined, from around $47bn in May, to $13bn last week. These quiet times are usually seen before a breakout in most trading assets and the only question is whether BTC will move higher or lower.
The answer will probably depend on the stock market. Stocks have been strong since the mid-March lows and that has sucked liquidity from BTC with traders chasing gains in stocks that were beaten by the virus shutdowns. Platforms like Robinhood saw a rush of retail traders, with many spending their stimulus checks on stocks.
Bitcoin would’ve been a better investment for those speculators due to the upside potential. Any short-term dips will likely be seen later as a missed opportunity by many.
Litecoin Still Holding $40.00 and Awaits BTC Move
Litecoin is showing the same pattern as BTC with the coin trading on low volume. LTC is still trading 2 dollars higher than the $40.00 level and without any development announcements, the next move will be led by Bitcoin.
A recent boost for LTC was news that the Travela platform had struck a deal with Expedia. Both platforms will now make it possible to pay for trips using LTC. Travela had previously linked up with Booking.com for a similar deal and one day it may be standard practice to pay for our products and services using cryptocurrencies.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.