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Why traders expect ‘boring’ Bitcoin and altcoin price action until 2021



Bitcoin (BTC) price has been stuck in a range for weeks now but traders generally expect a slow fourth quarter for the top-ranked digital asset.

Bitcoin quarterly returns (%). Source:

In 2018 and 2019 Q4 closed net negative, injecting a bit of bearish sentiment into the market. In the near term, a boring Q4 of further downside from Bitcoin price could cause altcoin prices to dump further.

At the moment, multiple technical analysts are closely watching the bounce in the Bitcoin dominance index to warn against an altcoin market pullback.

Has the worst already passed for altcoins?

As Cointelegraph reported, over the past two weeks most small altcoins and decentralized finance (DeFi) tokens dropped by 30% to 60%.

The slump in altcoins worsened when Bitcoin surged from $9,981 to $11,179 on Sept. 9 to Sept. 19 and during this period it appears that a take-profit rally took place. Analysts believe that profits from altcoins and DeFi cycled into Bitcoin and stablecoins.

As such, while Bitcoin saw a strong uptrend, DeFi tokens declined and altcoins remained in a steady decline.

The altcoin sell-off occurred as Bitcoin started to decline after rejecting from a key resistance level at $11,100. In the last 15 days, BTC has slipped by nearly 6%, stabilizing slightly above $10,500.

BTC/USDT daily chart. Source:

BTC/USDT daily chart. Source:

According to Cointelegraph contributor Michael van de Poppe, the current slump is unlikely to end any time soon.

In a tweet van de Poppe posted the following chart and explained that crypto markets typically see ‘boring and corrective’ phases during Q4. The traders said, historically Ether bottoms in December and begins to move by the next quarter.

BTC/USDT daily chart. Source:

BTC/USDT daily chart. Source:

Van de Poppe predicted that “BTC dominance will run up, to have an altseason in Q1 20201.”

A pseudonymous trader known as “Loma” echoed a similar sentiment. He said the last time altcoins plunged this hard, BTC saw a large drop in a short period.

This time, altcoins are declining while BTC and Ether remain relatively stable above their respective support levels. The trader noted:

“ALTs dumping right now while Bitcoin barely moving. Last time I saw that, Bitcoin painted a fat down candle.”

Is a relief rally on the cards?

Since the start of October, the cryptocurrency market has faced a number of negative events which could be weighing on investor sentiment.

On Sept. 26 KuCoin exchange was hacked for $281 million and while Bitcoin price did not correct over the news, it could be preventing the build up of bullish momentum. This was followed by the U.S. Commodities Futures Trading Commission (CFTC) announcing that it had charged BitMEX with violating the Bank Secrecy Act on Oct. 1.

Then, on Oct. 2, U.S. President Donald Trump tested positive for COVID-19, causing a stir in both traditional and crypto markets.

After several major events investors expect increased volatility and some traders have suggested that a short squeeze could be on the cards.

Another popular crypto-Twitter trader known as “Byzantine General” said it is the “perfect” moment for a short squeeze as it would shake out the weak hands. The trader also hinted that in his opinion, there is plenty of capital on the sidelines within the cryptocurrency market. He said:

“With all the uncertainty going on right now, especially in crypto, it would be the perfect moment to blast up and leave all the weak hands behind. BTW the SSR is still historically low, meaning that there is a lot of dry powder on the side lines.”

Overall, traders foresee a boring quarter ahead for Bitcoin and altcoins, but last month’s intense sell-off could eventually lead to a strong relief rally.

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Amber Group Announces New Amber App Referral Program




Place/Date: Hong Kong – June 15th, 2021 at 8:37 pm UTC · 2 min read
Contact: Amber Group,
Source: Amber Group

Amber Group  the leading crypto trading and technology firm, announced new user perks and an enhanced referral program on its popular crypto finance mobile app – Amber App. Starting today, qualified new users are eligible to receive 18 USDS and up to 16% APR on BTC, ETH, and USD stablecoin deposits.

In addition, current Amber App users are now eligible to win an additional 10 USDS for each qualified referral, an 11% bonus from the referral’s Earn interest (excluding Flexible Earn), and Yield Boost subscription, and up to 34% on trading commissions.

Michael Wu, CEO of Amber Group, said:

“Since the inception of Amber Group, our goal has always been to provide our users with an unmatched crypto finance experience. We now serve users of all levels and hope the new user and referral incentives encourage new crypto adopters to explore the suite of crypto offerings we have built. We look forward to adding even more features and supporting new tokens soon.”

According to Amber Group, though BTC and ETH are still the preferred crypto investments, demand for DeFi tokens is booming. Amber Group has added DOT and BNB to its Flexible Earn feature, allowing users to earn up to 5% APR on their investments by simply depositing the tokens in the Amber App wallet. Amber Group plans on adding over a dozen new tokens to these investment features in the coming months.

In the past 5 months, Amber App has seen 4x growth with registered users crossing 100,000. Amber App now supports three new languages, Japanese, Turkish, and Russian in addition to English, Simplified Chinese, Traditional Chinese, Korean, Spanish and Portuguese. Users are also able to login to the app with their Facebook/Google account.

The Amber App is now available on the App Store and Google Play Store in over 140 countries and regions.

About Amber Group

Amber Group is one of the world’s leading crypto finance service providers, operating 24/7 with a presence in Hong Kong, Taipei, Seoul, and Vancouver. In 2019, the company raised $28 million in Series A funding led by Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital,, Fenbushi Capital, and Coinbase Ventures.

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Bitcoin price hits $41K, then rejects after sellers defend the 200-MA




The overall mood of the cryptocurrency ecosystem is muted on June 15 with most altcoins trading flat while Bitcoin (BTC) bulls look for a daily close above $41,000 as a sign that the market could be shifting in favor of bulls.

Data from Cointelegraph Markets Pro and TradingView shows that within the last few hours Bitcoin price rallied to $41,330 but the breakout was swiftly met by selling at overhead resistance levels.

BTC/USDT 4-hour chart. Source: TradingView

Another gauge of investor sentiment as highlighted by Rekt Capital is the 200 exponential moving average (EMA), which Bitcoin attempted to surpass on Tuesday but was firmly rejected. 

Bitcoin’s rejection at the 200 EMA was followed by a rapid sell-off to $39,500, showing that a possible move lower is not out of the question.

A few altcoins rally on positive news

Daily cryptocurrency market performance. Source: Coin360

While most of the altcoin market saw muted price action on June 15, Shiba Inu (SHIB) rallied 33% following the revelation that trading for the token would be supported on Coinbase Pro on June 17.

Following the announcement, Chiliz (CHZ) and KEEP also rallied 18% and 10% respectively. 

Icon (ICX) also received a boost following the release of a new Ethereum (ETH) Virtual Machine (EVM) compatible blockchain called ICE. ICE is expected to become the application hub for the Icon project and it will have its own native token.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ICX on June 13, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ICX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score began to turn green on June 12 and eventually reached a high of 75 on June 13, 10 hours before the price increased 35% over the next two days.

Other notable altcoin performances include a 22% jump from Amp (AMP) and a 20% gain for iExecRLC (RLC) and Ultra (UOS).

The overall cryptocurrency market cap now stands at $1.685 trillion and Bitcoin’s dominance rate is 44.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.