Bitcoin keeps changing hands in a tightening range, with volatility in the cryptocurrency markets keeps fading this week. The BTC/USD pair is stuck between the 20- and 100-DMAs, currently at $58,200 and $54,500, respectively. The prices briefly dipped below the $59,000 mark on Tuesday amid reports about delays with the rollout of El Salvador’s Chivo Wallet. Other cryptocurrencies dipped on the news but managed to trim losses eventually.
Crypto traders await a catalyst that could push the digital currency out of the channel. Earlier this week, the largest cryptocurrency by market capitalization encountered resistance represented by the 20-DMA that caps the way towards the $60,000 psychological figure. Since then, the prices have been trending lower, which implies that the path of least resistance is to the downside at this point.
However, the coin needs to make a decisive break below the mentioned 100-SMA to trigger a more aggressive selling pressure in the coming days. It looks like BTC would stay in a range so far, with the daily RSI looking directionless in the neutral territory.
As for Ethereum, the altcoin slid from this week’s peaks around $4,800 but managed to attract some buying pressure and stayed afloat above the $4,500 area on Friday. Ether could finish the week with solid gains on the weekly timeframes if the $4,000 figure remains intact during the upcoming weekend.