As the week is about to close, this uneventful week for cryptocurrency is expected to go with it, as the market saw sharp fluctuations in price action influenced by news driven momentum. Although, lack of fundamental should result in situations where neither bulls or bears could take control of price action.
The combination of the lack of fundamentals and cautious investor approach towards the crypto market will result in major cryptocurrencies moving in a range bound, consolidative price action.
At the moment no major news or event is coming soon, suggesting major cryptocurrency pairs like Bitcoin and Ethereum to continue consolidative price action across the weekend.
While Bitcoin has been trapped inside a short range of $3500 to $3750, it is unlikely to have a breach in immediate and near future trading sessions, and the market is still suffering from news like Cryptopia hack, which resulted in a $3.6 million worth on assets that were lost.
In other news, the delay in Constantinople network upgrades at last minute owing to the discovery of a key security issue. Now being back to back on dovish headlines with major impact on the crypto market, it ended up resulting in the loss of fund flow and trade volume. Now if Bitcoin manages to see a breakout on headlines influence momentum, it will move forward setting a course for short term price action.
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