So stable coins aren’t so stable after all..
The BTCUSD trading pair continues to consolidate sideways following yesterday’s reaction to the decline in value of Tether (USDT), with prices ranging from 6737–6794. Does this mean Bitcoin has risen in value? Not necessarily, as it depends on what you’re measuring it against.
The hourly chart shows a rapid rally to 7788, but gradually retraced with some resistance seen above the 6800 levels. The trend remains relatively flat, and the RSI indicator also reinforces that there is no obvious direction determine by the current trend.
Volatility remained low, with prices expected to continue to trade sideways from yesterday; The daily chart shows that the price of BTCUSD has returned to the price level before the drop earlier this month. The RSI indicator on the daily chart suggests current levels are slightly overbought, so it was inevitable for prices to retrace.
Are stable coins deemed to fail?
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