An overwhelming majority of cryptocurrency analysts looked ready to hang out the bunting and pop the champagne in readiness for BTC to take the chequered flag as it crossed the $10,000 finish line over the weekend, but what looked generally like a nailed-on certainty stalled half-way round the track. A couple of serious challenges on $9,000 as May drew to a close gave plenty of hope that the next step up would be the hugely psychological mark of five figures in June, but the steady ascent over the last month seemed to run out of steam, not to mention trading volume. Holding solidly above $8,500 over the weekend and into Monday morning, it looked to be building itself into a strong position ready for the much-anticipated drive up. However, a couple of bounces across $8,400 unmasked and exposed some serious market nerves.
That whisper of doubt soon turned into shouts of weakness and, in a flash, the bullish sentiment evaporated with almost the same speed as it had arrived.
Tuesday arrived with a drop of more than $500 in the first hour – a sure sign that the once-enthusiastic and confident bulls were getting the jitters.
Further downward pushes throughout Tuesday ended up marking what became a few dollars short of being a full $1,000 movement in the space of 24 hours.
Wednesday is setting the pattern of a seemingly indecisive week ahead.
What happens from here can really only be governed by emotion, and which trading sentiment has the strength to prevail in what appears to be an arm wrestle between a bear and a bull.
The most fascinating intelligence to draw from the current state of the BTC market, and indeed the effect it is having on other cryptocurrencies, is the fact that now the bullish sentiment has dissolved a curious hiatus exists that is neither bull nor bear.
In terms of analysing where it goes from here, this matter of now being parked in the hinterland betwixt the two opposing forces that drive market direction can only mean one method can be used… guesswork.
Three likely outcomes could be reasonably stabbed at, though.