Bitcoin continues to trade in a tightening range despite rising regulatory crackdowns on the world’s largest crypto exchange as experts predict a bearish market while whale transactions continue to accelerate.
The Fundamental Look
With Bitcoin stuck in the $30k – $40k range for eight straight weeks, traders are scouring historical data to forecast how the market will move. The market has been moving rather slowly as regulatory concerns resurface, with several countries pushing for more stringent measures against cryptos. (See Bitcoin stock comparison on TipRanks)
The massive crackdown on the world’s largest exchange, Binance, in the UK, Japan, Canada, and the US, has also influenced the market sentiment to an extent.
The good news, though, is that Bitcoin is still settled well within a holding pattern.
As Bitcoin continues to trade in a narrow range, options traders are taking high-risk strategies to generate returns from slow-moving market conditions, leading to a drop in Bitcoin’s implied volatility and price. Meanwhile, 5,000 BTC shorts were added...read more...