In the Bitcoin news, we can see that the most dominant cryptocurrency remains trapped in a narrow price range between $8,900 and $9,400 and in order to escape it, a miracle must happen. In fact, one Bitcoin analyst predicts a sharp fall before a new BTC rally, claiming that the coin has to go through a correction before a new uptrend can occur.
Meanwhile, the coming altcoin news show that if the trend continues, VeChain (VET), Cardano (ADA) and Chainlink (LINK) show the biggest profits in the past 30 days and might be the true stars this summer.
While the DeFi space is buzzing, the volatility recorded in Bitcoin remains low and is at a historic low for the year. Within the last 24 hours, we can see that the BTC price dropped 1.36% to a price of $9,131. The market cap is still stable but BTC has been trading in the narrow price range between $8,900 and $,9400 for more than 2 weeks.
The founder of Blockroots, Josh Rager, described how Bitcoin never immediately started a new rally after a long sideways trend. The analyst predicts a sharp fall because of the past, when BTC always corrected before making a jump. This was also the case during the “Black Thursday” dump when BTC corrected by more than 19% before it rallied higher.
We can see since 2017, multiple rallies followed by compressions that led to pullback, followed by another rally
— Josh Rager ? (@Josh_Rager) July 16, 2020
As seen in the latest cryptocurrency news, BTC must not fall below the important support level along the $8,900 mark on the daily chart. The BTC trader with a handle @CryptoHornHairs also added to this thread, showing that a further correction is very likely before BTC could initiate a trend reversal.
The analyst predicts a sharp fall below $8,900 for BTC and a correction to $8,140 which could follow afterwards.
Make or break level here as price tests demand again, potentially sweeping a daily low.
Remaining bullish as long as we can hold $8.9k on a daily closing basis.
— HornHairs ? (@CryptoHornHairs) July 16, 2020
As the Bitcoin analysts predicts a new fall before a rise, other analysts even interpret the current price movement as the beginning of a new up or downtrend. The BTC trader with a nickname “Byzantine General” stated that the dominant coin is currently not sending out any clear signals which do not indicate a trend reversal or a continuation of the sideways trend.
Meanwhile, the other altcoins follow the trend of Bitcoin and have been trading sideways for the past 24 hours. The prices of ADA, VET and LINK are not the same, though – ADA has an increase of more than 55%, VET grew by 41% and LINK by 100% in the past 30 days.
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