Boring Bitcoin Returns As VeChain Climbs 10% Higher
Last Updated on 7 March 2021 by CryptoTips.eu
At the end of September 2020, this site coined the term Boring Bitcoin as the most prominent of all cryptocurrencies remained stuck in a tight trading range and stayed there for some 20 days.
If historical charts of the Bitcoin price are anything to go with, then whenever the world’s most famous cryptocurrency stays in a tight trading range for a long time, a major price move is imminent.
Back in October, that was the end of the strong move up.
Stuck in a range
Whereas the last week of February brought a slamming 20% correction since reaching an all time high of $58,000, Bitcoin seems stuck between $46,000 and $51,000 ever since.
I do not think bitcoin will range, but here is how I've defined it in case it does. Defining a range even if your target is outside of the range lets you close a loss at a more favorable price or hold through drawdown with expectation of reversion. Or blow up your entire account pic.twitter.com/rCGu3MwJqw
— NeoButane (@NeoButane) March 7, 2021
The Block confirmed this position in their newsletter, stating:
This price range, which already saw high levels of trading activity, is expected to act as strong resistance short-term as investors in this price range may look to break-even on their positions at this point.
Of course one could see the fact that Bitcoin refuses to dive below $46,000 as good news, as most analysts interpret it as a sign that institutional investors and whales are scooping up the cheaper price ranges and will refuse to let it drop any further.
On the other hand, a strong price move up seems to have been halted at the same time.
Goldman Sachs' new client survey on digital assets shows 22% of respondents expect the price of bitcoin to be over $100,000 in 12 months and more than half think the cryptocurrency will stay in the $40,000-$100,000 price range: by @ninabambysheva https://t.co/GyQN0hwyuo
— Forbes Crypto (@ForbesCrypto) March 5, 2021
Jason Lau, chief operating officer at San Francisco-based crypto exchange OKCoin commented:
Bitcoin is consolidating around $50,000 after rebounding from lows earlier in the week.
Most recently, its price action has been hovering within this range, while open interest in bitcoin futures has also remained consistent.
VeChain continues climb
In the broader altcoin market, the continued rise of VeChain doesn’t fail to impress. The small crypto has climbed to the 21nd place in CoinMarketCap’s top 100 and is up 10% today, trading for $0,057.
In the past week, it has gained 48%.
This week Scandinavian industrial giant Norsk Hydro launched a pilot program using VeChain’s blockchain.
