The Bitcoin remains, while specialists predict a possible rebound
The price fluctuated between US $ 7,400 and US $ 9,000 last week, while enthusiasts speculate more catalysts that could cause prices to rise.
With the consolidation of the Bitcoin price after its flashy rebound last month, technical indicators show that its next major move could be upward. The divergence between the upper and lower Bitcoin bands is at its narrowest since late April, according to the Envelope Indicator, a technical tool that smoothes moving averages to draw the highest and lowest limits.
Although Bitcoin is operating near its lower band, it has not yet broken it, indicating a potential rebound on the horizon.
The devalued Argentine peso: loses even with the cryptocurrencies Bitcoin saw a similar reduction in the gap before its giant rebound in May, when it gained more than 62% in a month.
However, a fall below the lower limit would be a sell signal.
The price of Bitcoin has been fluctuating between US $ 7,400 and US $ 9,000 over the past week, while enthusiasts are speculating more catalysts that could cause prices to rise. Facebook Inc., for example, will publish a report on the basics of its future cryptocurrency in the coming weeks, according to reports. Nouriel Roubini: “Bitcoin is a scam” That could be the biggest motivation in the short term, said Lou Kerner, CryptoOracle partner, by email. “
It is believed that anything that can stimulate the widespread adoption of the cryptocurrency is highly positive for Bitcoin. “
The anticipation of greater acceptance of cryptocurrencies has also encouraged many analysts to raise their price targets for Bitcoin.
Bitcoin prices fluctuated 7.5%, trading between US $ 7,511 and US $ 8,077. It is now 59% below the maximum of US $ 19,511 reached on December 18, 2017. Bitcoin has lost 7.2% in the last week and has increased 116% so far this year.
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