Bitcoin volatility lessens but $7.5K evades traders
At the top of the range, BTC/USD nonetheless failed to retake $7,500, at press time fluctuating around $7,300.
The reduction in volatility soothed analysts, who were able to predict potential short-term moves for Bitcoin with a greater degree of certainty on Monday.
For regular Cointelegraph contributor Michaël van de Poppe, upside potential now focused on breaking $7,400, which could then form a gateway to higher resistance at $8,100.
Highlighting the current price point on a fresh chart on Monday, he added that a failure to maintain it would result in only a modest downturn.
“If we can’t hold this purple zone around $7,250, I’m going to aim for $6,900 retest,” he wrote in accompanying comments.
A futures gap refers to the difference between when one Bitcoin futures trading session ends and another begins. On Friday, CME Group’s monthly futures settled $315 higher than the point at which they opened on Monday.
The historically accurate trend thus calls for Bitcoin to hit an area around between $7,465 and $7,800.
Altcoins fall in line as Bitcoin calms
Altcoin markets meanwhile broadly reflected Bitcoin’s flatter performance at the start of the week.
Ether seven-day price chart. Source: Coin360
The overall cryptocurrency market cap was $199.3 billion, with Bitcoin’s share at 66.5% — 0.1% lower than the day before.