Bitcoin trades sideways as bears maintain slight advantage Bitcoinprice BTC crypto
- The sideways chop in cryptocurrency markets continued on Tuesday as a decline in the U.S. consumer price index to 4% year-over-year did little to help spur activity for digital assets, which continue to be weighed down by the Securities and Exchange Commission’s apparent mission to bring the U.S. crypto industry to heel.
At the close of markets, the S&P, Dow and Nasdaq all finished higher, up 0.69%, 0.43%, and 0.83%, respectively. According to the latest edition of Technical Roundup, “Bitcoin/Dollar has continued to move lower,” with the price “making lower highs and lower lows on the weekly and daily time frames.”“This is evidence of weakness,” the analysts said, which in this context can be mitigated in one of two ways.
“Put simply, the market has been drifting lower and it has been mostly boring and choppy in doing so,” they wrote. “Stepping in front of stair-step price action generally makes for a bad bet. Better setups emerge when the drift becomes impulsive, be it via an aggressive puke into support or an impulsive higher high to reverse the dominant trend.”
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