Large changes in the crypto-market are not expected in the short term, as investors continue to show prudence, while bulls and bears have equal influence on Bitcoin from the fundamentals point of view.
It is expected that this week, very quiet for the cryptocurrency market, will close with a neutral sign. The price action suffered strong fluctuations triggered by the news push, but the lack of fundamentals led to a situation in which neither the bulls nor the bearish ones managed to take control. The sharp lack of fundamentals and the cautious approach of investors towards the crypto-market meant that the main cryptocurrencies moved into a price action bound to the interval. For the moment there are no indications or significant events to indicate that the main cryptographic pairs could further consolidate their price action over the weekend.
Further updates on the expected upgrade of the ETH network
Bitcoin has been trapped in a narrow range, between $ 3,500 and $ 3,750, and is unlikely to be breached in future trading sessions. The market continues to suffer from the news of the hacking of Cryptopia that saw the company lose assets for a value of 3.6 million dollars and the delay in upgrading the network of Constantinople, sent back to the last minute for the discovery of an important security breach. The news, which one after the other had a significant impact on the crypto market, led to the loss of money flow and the volume of trade. Looking further, if Bitcoin were able to break the news-driven momentum, it could align with the price action in the short term.
However, there are no major changes in the crypto-market in the short term, as investors continue to show prudence, while bulls and bears have an equal influence on Bitcoin, at least from the fundamentals point of view. While Bitcoin may not make any major moves in the near future, Ethereum may be more dynamic, as developers are expected to provide further updates on the delay in upgrading and on measures taken to counteract the problem of safety discovered recently. If positive comments emerge from the update, the markets may see a short but intense bullish activity; on the contrary, negative statements could influence the Bitcoin and the Ethereum causing them to plunge into critical price levels.
JayRally from BesomebodyFX.com