Crypto Markets Analysis: Bitcoin’s decline on Monday contrasts to the asset’s lack of movement over the past six weeks. GWilliamsJr_CMT reports
Bitcoin’s decline on Monday contrasts to the asset’s lack of movement over the past six weeks. Bitcoin recently fell nearly 4% over the past 24 hours to trade just above $28,000, but spent a good portion of the day below that level.But prior to these drops, starting in mid March, BTC price fluctuations have been more uneventful.The weekly Relative Strength Index for BTC actually declined by 8% over the same period, giving birth to competing interpretations of that development.
Still, given BTC’s relatively low weekly trading volume since March, the aforementioned price-momentum divergence does not appear to have a lot of negative conviction behind it. On the contrary, it fits within a narrative of a recently tame crypto environment. A lack of catalysts applies to the bearish side as well for BTC. Outside of concerns regarding the Securities Exchange Commission’s stance towards crypto and the potential for prohibitive legislation, a lack of catalysts applies to both sides of the trade at the moment.
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