Bitcoin Trading Seeks Common Ground with Bulls and Bears
When it comes to the daily cryptocurrency news posted on PlaySlots4RealMoney.com, the trading value of $BTC through the site’s Bitcoin Price Index is always one of the hottest topics of conversation.
It does not matter if it is an industry expert weighing in on the daily price or a key investor, everyone involved is seeking some common ground. Last Thursday’s trading value of Bitcoin fell below the $10,000 mark. This is a key psychological benchmark according to EasyMobileCasino.com. It went on to hit a low of $9,304.68 during weekend trading before settling in at $9,666 heading into this week of trading. This marked an 11-day low for the BPI price after rising as high as $11,768.58 earlier this month (Feb. 20). The 20 percent adjustment in price has opened the debate on where it goes from here.Clearly, Bitcoin Trading Seeks Common Ground with Bulls and Bears!
The good news has been a solid rebound from a monthly low of $6000 on Feb. 6, but the recent rally could not be sustained. According to Bitcoin casinos at EasyMobileCasino.com, the trading volumes for Bitcoin have dropped 42 percent from that established trading high on Feb. 20. This could indicate that supply could be limited, which could preclude another rally this week. The bull run for Bitcoin started back in 2015 and it remained in place until December of 2017. The bears laid in wait until January of this year, but neither side has a firm grasp on where the trading price goes from here.
Some of the views offered by Coinbase.com in this market recap suggest a further drop in price this week and possibly into early March after charting the price fluctuations over the month of February.
Bitcoin could go as low as $8,200 given the statistical data surrounding the rise and fall of the trading price. If that is the case, the bottom value of $6000 might be the target price for the bears in the game. This would be a strong indication that the current rally from that previous low has officially run out of juice.
This does not rule out a possible trend change in favor of the bulls driving the price back up into the $11,700 range. Coindesk goes on to talk about Bitcoin’s Relative Strength Index (RSI) as a key indicator of where the price might head in the coming days of trading. The median RSI stands at 53.00. Anything lower than that figure leans towards a bear run. If the RSI can move above 53.00, then this would indicate that there is still some credence to a bullish rally. The one common ground with Bitcoin is market uncertainty. This is the case with the New York Stock Exchange, standard commodities trading and anything else attracting investor’s attention. Even the best financial analysts in any industry deal with constant uncertainty. The rapidly evolving realm of cryptocurrency sets itself up to be one of the more volatile rides in the investment world. There are bound to be some major price fluctuations in the short term as part of determining the long-term market outlook.
