Bitcoin’s price has flatlined in the past few days, taking its volatility to record lows. Market participants seem wary of placing large bets due to the uncertainty regarding the economy, the Federal Reserve’s monetary policy in 2023, and fears of another Covid surge as seen in China.

Although Bitcoin is facing one of its worst crypto winters, billionaire investor Mark Cuban remains bullish on the largest cryptocurrency. In a podcast with comedian Bill Maher, Cuban said, “I want Bitcoin to go down a lot further so I can buy some more.” He added that Bitcoin was a store of value similar to gold.

Bitcoin has been trading near the 20-day exponential moving average (EMA) for the past week. This suggests that the bears are defending the level but the bulls have not given up much ground.

This tight-range trading is unlikely to continue for long as periods of low volatility are usually followed by a range expansion. In this case, if buyers thrust the price above the moving averages, the BTC/USD pair could rally to $17,568 and then make a dash to the stiff resistance at $18,385. The bears are expected to defend this level with vigor.

Conversely, if the price turns down sharply from the current level and breaks below $16,273, it will signal that bears have overpowered the bulls. That could sink the pair to the crucial support at $15,460. The flattish 20-day EMA and the relative strength index (RSI) near the midpoint do not give a clear advantage either to the bulls or the bears. Traders may wait for the range to expand before placing directional bets.

The pair may remain stuck inside the large range between $15,460 and $18,385 for some more time

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!


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