Bitcoin volatility may increase soon, which could fuel buying interest in ETH. Bitcoin has been trading in a tight range near the 20-day exponential moving average ($16,929) for the past few days. This suggests that the bears are defending the level but the bulls are not yet giving up. The Bitcoin network hash rate has returned to 241.29 EH/s after a temporary 38% fall to 170.60 EH/s from a weekly peak of 276.40 EH/s. The asset has seen an increase in global volume by around 29% while the dominance is at 40.02%.
At the time of writing, BTC was trading at $16,894.
BTC continues to trade sideways in a narrow range from $17,000 to $16,250 for the past seven days. The asset is making a series of small candles with low volumes indicating no trend. BTC has strong resistance at $18,000 and to witness a relief rally it needs to close and sustain above this level whereas $15,500 will act as strong support and a break below this will lead to further downfall.
Read More: Bitcoin Price Prediction
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