Bitcoin and select altcoins could soon witness a range expansion and that could start a new trending move.
that Bitcoin could act as a form of digital gold or an inflation hedge. He added that large institutional investors have stayed away from the crypto sector and that approach was unlikely to change anytime soon.
Contrarily, if the price turns down from the 20-day exponential moving average , it will suggest that the bears continue to sell on rallies. The index could then drop below 3,764 and reach the next support at 3,650.The U.S. dollar index has been trading below 105 for the past few days. This suggests that the bears are trying to flip the 105 level into resistance.Both moving averages are sloping down and the RSI is in the negative territory, indicating advantage to bears.
If they succeed, the BTC/USDT pair could rally to $17,854 and then to the stiff resistance at $18,388. This level may act as a major obstacle and the bulls may find it difficult to surpass it.
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