After several massive jumps and a short stint above $9000, the price of Bitcoin has found itself in no man’s land exchanging hands at different rates with a $600 range for the seventh day in a row.
According to data from CoinMarketCap, Bitcoin prices have started between $8100, a high hit on June 7 and $7571, a low witnessed a day earlier.
At press time, the leading cryptocurrency which had a market cap of $138.5 billion traded at a value just above $7800 even though it had surpassed $8000 in the past 24 hours.
Next Bitcoin Price Action?
Although Bitcoin is expected to trade with its newly found comfort zone within a $600 range in a short while, analysts suggest that the cryptocurrency would see significant price action in either direction
However, the chances of a positive move, in the long run, looks more likely given strengthening fundamentals such as more organizations adopting Bitcoin and the 2020 halving of rewards for miners on the network.
For the basics, halving is a process that reduces the inflation in the value of cryptocurrency by making it more scarce through a reduction of the amount paid to miners who confirm transactions on the network.
Talking about halving events, fourth-placed altcoin, Litecoin has seen significant jumps with the network now less than two months away from its halving.
Despite Litecoin’s daily price chart showing only a 1% increase, the cryptocurrency has surged 24% in the last seven days as prices moved from $104 to $127 at the time of writing.
For the time being, though, market sentiment appears generally remains bearish while investors await which direction prices will go when Bitcoin finally escapes from no man’s land.
As we confirmed in an earlier report, Bitcoin still outperforms all primary traditional investment vehicles after an improved performance in 2019