Bitcoin is currently trading sideways, which is leading the crypto markets to experience a mixed trading session following yesterday’s volatility. Ethereum is currently one of the worst performing altcoins as it has failed to post a strong recovery following yesterday’s drop that was caused by its highly-anticipated Constantinople hard fork being delayed.
Although the crypto markets are trading off of their recent lows, analysts still expect there to be further losses in the near future.
Bitcoin Drops Slightly
Bitcoin has dropped slightly today, and technical analysis may signal that further losses are right around the corner.
At the time of writing, Bitcoin is trading down less than 1% at its current price of $3,650. Yesterday, Bitcoin fell into the low $3,600 region, but did not drop into the $3,500 region where some buying support exists.
While speaking to MarketWatch, Jani Ziedens of the Cracked Market blog noted that the lack of a significant bounce in the mid-$3,000s signals that Bitcoin is not currently oversold, which means it could see lower lows before moving higher.
“Bitcoin continues to struggle and is in the mid-$3k’s. If prices were oversold, we would have bounced by now. This lethargic base tells us that demand is still incredibly weak and this selloff still hasn’t found a bottom,” he noted.
DonAlt, a popular cryptocurrency analyst on Twitter, echoed a similar sentiment to Ziedens, saying that he is not looking to trade Bitcoin within its current range, which is between approximately $3,300 and $4,400 according to a chart he references.
“$BTC not so daily update: Chilling in the lower part of the current trading range after having put in a few consecutive lower highs… As long as we stay below the POC I’ll most likely stay hedged… I’m personally not interested in trading this trading range,” he explained.
Crypto Market Drop Led by Ethereum
Ethereum is currently the worst performing altcoin today, as it failed to post a strong recovery after yesterday’s announcement that its highly anticipated Constantinople hard fork event had been delayed due to a security vulnerability that was discovered.
At the time of writing, Ethereum is trading down 2.3% at its current price of $124.73. Although Ethereum has not yet posted any major recovery from yesterday’s drop, it is still trading up from its 24-hour lows of $120.
Earlier today, Ethereum rose to highs of $127, but it failed to maintain its upwards momentum and has since settled back down towards its current price levels.
Today, XRP is trading up marginally at its current price of $0.331. Yesterday, XRP fell to lows of $0.324, from which it has recovered slightly. XRP is still currently down from its daily highs of $0.335.
EOS has risen slightly today and is currently trading up just under 2% at its current price of $2.46. EOS is up from its 24-hour lows of $2.38, which were set earlier this morning amidst a widespread market drop that most altcoins have since recovered from.