A small bitcoin dip down to $9,100 recovered, but traders are unsure about further price appreciation.
Bitcoin trading around $9,240 as of 20:00 UTC, gaining 0.25% over the previous 24 hours.
The market at $9,200 per bitcoin erased gains earlier in the week when the world's oldest cryptocurrency popped to $9,400 Wednesday.
"Two days ago, bitcoin rallied 1.9% then dropped 2.1% and is now flat. Just another failed breakout," said Elie Le Rest, partner at quantitative trading firm ExoAlpha.
Still, traders buying when prices dip isn't providing enough momentum to significantly move the market higher, Le Rest added.
Several traders pointed to $9,400, where momentum might turn into a bullish market.
"The price of bitcoin again returned to the range of $9,000-$9,200 after the asset again failed to pass a key level at $9,392," said Constatin Kogan, a partner at cryptocurrency fund BitBull Capital.
Bets in the options market overwhelmingly favor bitcoin higher than $9,200, with options on $11,250 per BTC especially popular.
Bitcoin locked in DeFi up 200%.The second-largest cryptocurrency by market capitalization, ether, was flat Friday, trading around $239 and in the red 0.10% in 24 hours as of 20:00 UTC. Ether is up 84% in 2020, outperforming bitcoin's 28% year-to-date gains.
In July's low spot exchange volume environment, traders might be increasingly locking crypto rather than trading it.
Market Wrap: Traders Buy the Dip and Bitcoin Holds at $9,200
gepubliceerd op Jul 10, 2020
by Coindesk | gepubliceerd op Coinage
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