BTC Updates

The current price of Bitcoin is $7615 with 24 hour trading volumes around 4.3 billion USD. It seems that trading volumes are declining into the weekend, as usual, but the price is holding consistently around the $7600 level. Pure consolidation is still occurring as the price for the past 7 days hasn't strayed outside of +/- 200 from $7600.

It is easy to be caught in the chop and become discouraged. We understand that the current state of the market hasn't been extremely profitable for investors and has even become extremely difficult for day traders to operate effectively as well. Our underlying hypothesis on crypto markets is that the consolidation and chop we are seeing is, once again, large investors accumulating the coins they want at optimal prices. Bots are clearly in control of $BTC's price action which for us tends to show accumulation rather than dispersion.

On smaller time frames, our team is studying a recent uptrend channel that has provided support 5-6 times since May 25th (see chart below). We believe it is showing that the 'accumulator's are catching their bids at higher-lows. This may suggest that their accumulation phase is winding down and will then introduce the fresh volume needed to vault $BTC's price over the $7800 mark.

On weekends, the price action of these markets can become fairly unpredictable. That being said, we advise caution with the current choppy nature of the market still in play.