After a rollercoaster week of price swings and bullish rallies, Bitcoin (BTC) and Ether (ETH) are trading in a narrow range once again. While the bears may be regrouping to try for another run at lower prices, bulls are also lying in wait for the next opportunity to buy low and sell high.
Despite the recent gains, major cryptocurrencies are still trading in a narrow range that could go either way next, with Bitcoin (BTC) and Ether (ETH) consolidating near $8,700 and $200 respectively. Meanwhile, Litecoin (LTC) is trading at around $100.
BTC Determined To Break Free
The relative stability of cryptocurrency prices has been brought on by growing uncertainty surrounding US-China trade talks and economic data from the US Federal Reserve Bank of Chicago showing lower-than-expected inflation figures for May 2019.
As such, many traders are waiting for more clarity before making bold moves in any direction.
So, what does that all mean for the future of Bitcoin? Well, we’re still not sure. We’re going to have to wait for more data points before making any predictions about where this trend will go next. But one thing is clear: if you think you can predict where the price of Bitcoin or Ether will go, you’re wrong.
The truth is that no one knows what will happen next in crypto because the market is so volatile and driven by sentiment rather than fundamentals, which means it could go either way at any time.