RATE Group | Short-Term Traders Responsible for Ranging Bitcoin Price, Says Analyst
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Short-Term Traders Responsible for Ranging Bitcoin Price, Says Analyst

31 Aug Short-Term Traders Responsible for Ranging Bitcoin Price, Says Analyst

Posted at 22:49h in Bitcoin News by

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As the price of Bitcoin remains stuck between $5,500 and $8,500 for three months now, the Bitcoin trading community wonders when the spell will break and in which direction.

Kevin Lu, the director of quantitative research at Element Digital Asset Management, a full-service advisor for the digital asset economy, said the Bitcoin market is in a reflexive state and its range trading is due to being dominated by short-term market participants.

Boring Bitcoin Market Stuck Between Day Traders and Lack of Narrative

Bitcoin has been challenging the $7,000 handle since Tuesday, but a definitive break above it hasn’t been on the cards as of yet.

The trading of the number one cryptocurrency in the market, with 53.4% dominance according to CoinMarketCap, has become boring. That opinion has been shared since late April 2018 as DataTrek expert Nicholas Colas said “it needs a new narrative”.

As August comes to an end and the trading industry returns from summer holidays, Bitcoin traders grow…

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