Market Wrap: Bitcoin Stabilizes; Analysts See Relative Value in Altcoins

Posted on by American Coins & Gold

Market Wrap: Bitcoin Stabilizes; Analysts See Relative Value in Altcoins
Bitcoin traded around the $41,000 on Wednesday as some traders appeared to be in no rush to pick a price bottom. Analysts see the potential for a short-term price bounce, especially as technical indicators have remained in oversold territory for about a month.”Investors and traders appear to be digesting the macro possibilities within this new inflationary regime markets have entered, alongside an increasingly hawkish Federal Reserve,” Will Hamilton, head of trading and research at Trovio Capital Management, wrote in an email to CoinDesk.On Tuesday, Morgan Stanley stated that the imminent start of central bank tightening is putting pressure on the…