Sunday, 26 May, 2019

Bitcoin price (BTC/USD) tops $6,400, but struggles to find direction

Bitcoin price LIVE Crypto prices rally into the green but it may not be recovery Bitcoin price LIVE Crypto prices rally into the green but it may not be recovery
Ginger Lawrence | 16 August, 2018, 13:39

Bitcoin is looking unconvincing and no one can put a finger on whether it's heading for a bearish market or a bullish market.

During the heady days of the cryptocurrency boom in late Y 2017 and January this year, Bitcoin's share fell to 32%. The trading platform is known for giving users the ability to leverage up to 50 times while enhancing full depth-of-market, order book trade matching, and Litecoin (LTC) and Bitcoin (BTC) base currencies. For a long time, this resistance level has been the point of discussion since every time bitcoin has been able to break it, it has gone on to soar and every time it has slipped below it; it has gone on to slip further below and has struggled to find its way above it. While on the upper side, the BTC can face resistance near $6,140.

As of 20:33 UTC, the digital coin is changing hands at $289.9, nearly 10% down on the day, according to Coins.Online data.

Bitcoin saw another uptick in today's early trading, with its price rising to an intraday high of $6,464.25.

Bitcoin has now dropped about 23 per cent in August, extending its retreat this year to 58 per cent.

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This suggests that investors are running away from altcoins and getting behind the mother of all cryptocurrencies.

This led to Bitcoin dominance falling. For some, they see this as a buying opportunity as they predict better times to come for bitcoin in the short-term.

Lee and Novogratz believe that the dominance will continue to rise as the market reacts to the recent good news. The ETH market and the prices had been weak for quite sometime now and we had also mentioned the same in many of our forecasts about how the the prices are likely to be under pressure despite the strong fundamentals of the network mainly due to the fact that it has come under increased scrutiny and competition from other blockchain networks.

The sell-off in the Bitcoin has been attributed to the delays in the decisions made by the SEC for the approval of the Bitcoin ETF products.