BTC Prices Choppy
The bitcoin prices are again trying to claim back the region above the $10000 price mark. After having failed to break through the resistance in the $12000 region a couple of weeks back, the prices have been moving lower since then. It has been a quick dip below and over the past couple of days, we have seen the prices drop below the $10000 region and stay below that after breaking through the support at $10,400. This has forced the investors and the traders to rethink about the buying of BTC once again as they are uncertain as to the direction which the prices are likely to take in the short term. This has led to some choppy trading during this period and now we are seeing the prices trying to claim back the region around $10,000 once again. More than claiming it back, what the market would be interested to see is whether the bulls would be able to hold the prices above this region in the short and medium term. If they do, it will give more confidence to the traders and pull in more of them into the market and thus increasing the demand and prices as well.
Dull Market in the Offing
The market has not had much to deal with during the course of the day with most of the instruments and market indices being choppy for most of the day. The market is looking to see how the economic report is going to come out of the US later in the session as this is the first one that is going to come under the purview of the new Fed Chief Powell and so the market would be interested to see what he thinks about the economy and the monetary policy as well.
This article was originally posted on FX Empire
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