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As Bitcoin price stalls, it is obvious that emotions will be the most decisive factor in the coming weeks as investors are controlled by the fear of losing out of a potentially promising position.
Investors are at a loss at what would happen next in the coin market as the price of Bitcoin (BTC) seems to stank around $18,000 after weeks of upsurge. There had been an expectation that the digital asset would soar up to $20,000 as it had done in December 2017 but it seems to have lost momentum in the past few days.
The global market cap of Bitcoin reduced by 0.99% in the past day contrary to the expectation of the bulls who have been expecting that the higher volumes necessary to buoy the price would be observed by this week.
The effect of the slightly lowered Bitcoin price could be seen throughout the coin market as altcoins such as Ethereum also lost momentum. The second most capitalized coin shed 0.91% having had a massive run over the past few weeks.
Other altcoins such as XRP, Tron, Bitcoin Cash, Stellar and many others down the chart experienced losses with XLM dropping by 15% as the biggest loser among the top coins. This is despite the fact that the coin had done remarkably well in the bull market. It even gained a massive 60% in one day.
Altcoins are worst hit with drains whenever the price of BTC seems to stagnate, as investors usually react to the market by pulling out from the lower volume altcoins.
Speculators in the futures market seem to be mainly bullish even though there are indications that the coin may be heading towards being overbought. Moving averages at the Oscillator index indicates that the sentiment is in the ‘sell’ region. Even though social signals indicate otherwise.
As Bitcoin price stalls, it is obvious that emotions will be the most decisive factor in the coming weeks as investors are controlled by the fear of losing out of a potentially promising position and greed, it is left to be seen whether the bears have actually taken over. The next couple of weeks will surely make that obvious.
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Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.
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