While Bitcoin is trading in a narrow range, investors are considering the direction of BTC and altcoins.
At this point, while analysts generally stated that they think there is a risk of decline in Bitcoin in the short term, FxPro senior market analyst Alex Kuptsikevich, speaking to Coindesk, also commented on the price of BTC.
Stating that Bitcoin faces the risk of a short-term reversal after the recent price increases, Alex Kuptsikevich said that the BTC price has retreated.
“Bitcoin continues its selling trend, failing to make a fresh attack on the 200-day moving average.
Bitcoin has recently outperformed the stock market but is now pulling back against gains in the indices.
At this point, Bitcoin appears to be at risk of falling rather than rising in the short term.”
“Ethereum Performs Poorly!”
Commenting on Ethereum as well as Bitcoin, the analyst stated that ETH also showed poor performance.
Because BTC and ETH rose to their highest levels in recent weeks with the launch of futures ETFs in the USA on Monday, creating a bullish expectation among investors.
However, ETFs did not meet expectations and their volumes remained weak.
At this point, Alex Kuptsikevich stated that the weak performance of Ethereum ETFs puts pressure on the price of Bitcoin and ETH. “Contrary to expectations, ETH shows a declining performance, and this performance contributes little to increasing confidence in the best tokens.” said.
At the time of writing, Bitcoin continues to trade at $27,735 and Ethereum continues to trade at $1,634.
*This is not investment advice.
