Bitcoin Price Shuns Volatility as Analysts Warn of Potential Drop to $7,000

Published on by Cointele | Published on

Bitcoin price saw a rare spell of stability on July 22 as cryptocurrency markets began the week on a broadly stable note.

Data from Coin360 showed hardly any change for BTC/USD in the past 24 hours, bucking a volatile trend seen throughout recent weeks.

At press time, Bitcoin circled $10,600, down just 0.14% while trading in the middle of a $400 daily corridor.

The motivation, analysts mostly agreed, was regulatory uncertainty as the United States Congress met several times to debate the impact of both cryptocurrency and Facebook's Libra digital currency.

Josh Rager, the investor and trader who gives regular Bitcoin price updates on social media, described Bitcoin's weekly close as neutral, but noted signs volatility would soon return.

Gold trader Florian Grummes delivered a similar conclusion in analysis published Monday, arguing the likely future for BTC/USD was either an extended period of sideways correction or a sharp drop closer to $7,000.

Altcoin markets meanwhile returned to their previous behavioral pattern as the week ended, mimicking Bitcoin's lack of action while reporting slightly larger moves.

Ether, the largest altcoin by market cap, shifted just 0.65% to hit $225, firmly above its recent lows which saw ETH/USD fall to support at $200.Ether 7-day price chart.

Litecoin moved up 0.45%. One of the weakest performers in the top twenty cryptocurrencies was Bitcoin SV, which shed 4.15% Monday.

The total cryptocurrency market cap currently stands at $290.3 billion, of which Bitcoin accounts for 65.2%.Keep track of top crypto markets in real time here.

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