Silk Road Auction Could Help Bitcoin Price Bounce Back

Since our last price piece, bitcoin has gained another two dollars in value and is hovering at around $590 as of press time. While developments surrounding the recent Bitfinex hack may have shaken traders’ confidence in bitcoin, an upcoming Silk Road auction could push the price back over $600.
Also read: Is the Bitcoin Price Recovering from the Bitfinex Hack?
‘Bitcoin price is gradually approaching $600,’ one source mentions. ‘Could advance continue immediately? Possibly, but with a few obstacles to consider.’
One of those obstacles involves slow-moving price indicators. Since the Bitfinex hack last week, price charts are showing bitcoin as a growing currency, but once the price hits $600, it’s likely to stay there for some time, and further advancements could fail to meet our expectations.

This post was published at Bitcoinist on 2016/08/11.