The price of bitcoin was struggling to trend upward Friday, staying in a narrow $10,200-$10,350 range to start the weekend.
“Bitcoin has traded off this month with other risk assets, such that it is now short-term oversold near former resistance in the $10,055 area,” said Katie Stockton, analyst for Fairlead Strategies. “We expect the pullback to keep its hold in the near-term from a momentum standpoint.”
Indeed, bitcoin’s volume numbers Friday were tepid at best, with USD/BTC trades on spot exchanges amounting to just $196 million, whereas daily averages the past month have been $393 million.
“Bitcoin has traded off this month with other risk assets, such that it is now short-term oversold near former resistance in the $10,055 area,” said Katie Stockton, analyst for Fairlead Strategies. “We expect the pullback to keep its hold in the near-term from a momentum standpoint.”
Indeed, bitcoin’s volume numbers Friday were tepid at best, with USD/BTC trades on spot exchanges amounting to just $196 million, whereas daily averages the past month have been $393 million.
