The digital asset markets are trading sideways, and holding recent gains as the Bitcoin halving approaches. The big question is, will they dump after the event next week?
With five days before the Bitcoin halving, the total market capitalization has inched back towards US$250 billion [AU$388.25 billion] over the past 12 hours or so following a slide that threatened to dump further.
The crypto markets have been range-bound for the past week as traders and investors hold their collective breaths in anticipation of the third Bitcoin halving.
The asset itself has reclaimed $9,000 and is trading above the 50-hour moving average at the time of writing.
BTC has been stuck in a channel for the past week and has yet to show any signs of a bigger move in either direction.
Analysts are mostly bullish, adding that there is accumulation occurring at these levels and the wedge could break upwards.
$BTC looks like bullish consolidation to me. Even looks like re-accumulation. As long as our near range holds I’m pretty confident in this larger wedge breaking upwards towards $9,600. Still in a bull market until I see a reason that we aren’t. pic.twitter.com/x4ccWSUyzN
— IncomeSharks (@IncomeSharks) May 5, 2020
Ethereum has not moved in the past 24 hours and has held on to $210. Providing it remains above $200, there is a greater chance of an upwards break out.
Meanwhile, most of the other altcoins are flat on the day with Tezos, Stellar, Cardano, Tron, and Monero declining a couple of percents.
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