Cryptos trade lower as Bitcoin struggles to hold $29k Bitcoinprice BTC crypto
- Little changed for the cryptocurrency market over the weekend as Bitcoin continues to trade near $29,000 while investors await this week’s Consumer Price Index reading and its implications on interest rates.
At the market close, the S&P, Dow, and Nasdaq all finished in the green, up 0.90%, 1.16%, and 0.61%, respectively. According to MN Trading analyst Gunter Lackmann, “BTC price has been creeping closer to the discount area of its current dealing range.”“Since the beginning of this year, we had impulsive moves to the upside, leaving people not already in longs far behind,” Lackmann said.
“This time around we see a fairly large fair value gap higher up in the discount zone ,” he said. “Based on this, if the strong/impulsive uptrend in BTC is to continue, I would not be surprised to get an accelerated move down towards 27.7 - 28.2k, then the next leg up towards 34k within the next couple of weeks.”
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