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The last one week has got Bitcoin traders sitting bored to getting their hearts to their mouths.
As you can see from the graph below, you can’t blame Bitcoin trader’s emotional sides coming out.
On June 17th Bitcoin was in the comfortable zone of $6500 and was maintaining this till the 19th of June. After the 19th of June, you see a sudden spike in the market touching prices higher than $6700.
The $6700 mark was continuously maintained till June 22nd when all hell broke out for Bitcoin.
You can’t blame the market after hacks such as the Bithumb hack. Bithumb has been hacked for the third time in 12 months. The hack led to a $30 million loss, and traders losing confidence in Bitcoin.
Hence points of $6000 were reached on the 23rd of June, with Hodler’s hoping it would not decrease more. However, it slid to the $5800 mark by the end of 24th June.
Currently, at the time of writing, 11:02 UTC BTC has recovered by 5% in the last 24 hours by getting back above the $6000 price line. It is trading at the time of writing at $6147.
It all depends on if BTC can survive in the trends of above $6100 as the resistance barrier of $6400 needs to be pursued for if a Bull market is to be spotted. However, if it fails to be above $6100, it will have a problem to recover back
The good news for American citizens is Square acquiring Bitlicense which will lead to an easier method of buying and selling of Bitcoins. Thus you can expect more Americans to join in the Bitcoin buy rally in the next couple of days.
The increasing use of batching and SegWit adoption has in a whole led to a fall in transaction fees thus leading to higher demand.
Most of the indicators are pointing to a mature market with signs of a bull market.
Image Source: “Flickr”