At the time of writing, Bitcoin’s quote averages US$ 9,350 in the main exchanges and brokers around the world. The market maintains the lateral trend of the last few days.
After the Bitcoin halving, which took place in the middle of last month, the BTC price has remained within a narrow range of US$ 9,000 to 10,000. Some investors believe that an equilibrium price has finally been reached.
In the short term there is nothing to indicate that the price of Bitcoin can be moved out of the channel in which it is located. We need to follow closely how the Coronavirus pandemic and the flow of BTC accumulation by whales evolves, to get an idea of what the next move might be.
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Bitcoin Quote on the main Exchanges
The main exchanges maintain a quotation between US$ 9,300 and US$ 9,400. This figure is not striking, since there is always a price disparity, which provides good investment opportunities in the arbitration sector. What is striking is the sharp drop in trading volume in the last 24 hours.
Binance, the largest exchange in the world, according to the new CoinMarketCap ranking, had a trading volume of 3.29 billion in the last 24 hours, representing a drop of 21.93%.
Huobi Global has a volume drop of 31.4% and Coinbase Pro of 21.2%. The most punished is Bitfinex with a drop of 43%.
The only winner of the TOP 10 is Bittrex, which reports a 10% increase in its transaction volume.
CoinMarketCap Exchanges TOP 10
TOP 10 of Exchanges by CoinMarketCap
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What to expect from the Bitcoin price?
In the short term you can expect more of the same, since the Bitcoin Evolution price seems to be „comfortable“ at this price level. However, we shouldn’t lose sight of the serious global crisis we’re experiencing, since that’s where the money will move.
We must remember that money never sleeps. It is constantly looking for financial instruments to jump into. Will it be the Bitcoin? Will it be the Dollar? Maybe Gold?
In short, there is strong support in the 8,900 USD area that is unlikely to be broken in the short term. Buying at that level can be an interesting investment opportunity for short term traders.