According to the data from Cointelegraph, the markets showed BTC/USD going back showing less than the $40,000 mark since Wednesday progressed.
From the beginning, the pair started with a fresh increase which took it to the heavy range resistance. But, it eventually lacked the momentum to change its existing paradigm.
Currently, Bitcoin focused on $39,600, dropped to lows of $39,400.
For Michael van de Poppe, Cointelegraph contributor, a retracement was welcome and essential for cementing new higher levels with the possibility of a further breakout.
On Wednesday, he said that Bitcoin needed to finish with a higher low.
He added that after this move, the price would make a higher low. Additionally, he explained that it would happen in the range of $34,600.
He also noted that Either for higher low constructions was between $32,500 and $36,000.
After adopting a carefully short-term view, QCP Capital, a crypto trading company, acknowledged that the range ceiling equal to $42,500 would not shift before Friday’s options expiry event.
The Company told Telegram channel subscribers that technical analysis says that the market will keep trying to trade between the 30-40k range.
Experts say that in Friday’s month-end expiry, they expect 40-42k to hold. They expect this level to represent a magnet into Friday’s expiry.
Not minding the golden cross
On Wednesday, traders’ different topics concerned a longer-term phenomenon: the golden cross.
A golden cross is in opposition to a death cross. This sparked a significant debate when it entered the BTC/USD chart in June. That was formed by the rising 45-day moving average that was crossing over the 200-day moving average.
Van de Poppe said that now, the possibility of a golden cross with its associated implications was not that insignificant as they thought. He commented while arguing that overall, it has little importance to the market.
