Sideways price action continued for the cryptocurrency market on Monday as investors await key inflation and jobs data arriving on Thursday and Friday.
- Sideways price action continued in the cryptocurrency market on Monday as little changed in the macro picture over the weekend, leaving investors content to sit on the sidelines ahead of key inflation and jobs data releases on Thursday and Friday.
Analysts at MN Trading noted that “Bitcoin has been consolidating at around $26,000 since its corrective drop on August 17,” and said, “The RSI has slowly been creeping back up towards the 30 mark, but still has some ground to cover.”“As long as the bullish order block holds and RSI keeps grinding to the upside, there isn’t much to update on the technical side,” the analysts said.
He added that the prospect of an ETF approval also makes a bullish case for dollar cost averaging at these levels, and said, “I'd be taking a weekly/monthly DCA approach on this, through which you can get a balanced position into the markets. Timing the bottom is simply impossible.”
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