Bears and Bulls Continue to Battle Over Bitcoin Price

The price of bitcoin has fallen since our last piece, this time hovering around $573 at press time. Some feel this was to be expected: things haven’t taken much of a turn since the Bitfinex hack, and news regarding Russia’s latest stance on bitcoin has been slow to hit home.
Also read: Is the Bitcoin Price in for a Massive Bull Run?
Continued Uncertainty in Bitcoin Markets
One source describes the lack of activity:
‘Overnight action was relatively flat, and we didn’t manage to get into any positions with the range we had highlighted.’
Since last week, no significant changes have occurred in bitcoin’s status, but the analyst remains hopeful:
‘Price did carve out a relatively steady range, meaning today we should see some nice reactive action if we get a breakout. So far this week it’s been pretty easy trading – a couple of scalp breakout entries and some intra-range action, with more take profits than stop losses. Let’s hope things continue to run as smoothly moving forward.’

This post was published at Bitcoinist on 2016/08/18.