Bitcoin is ending the week in much the same place it was trading Feb. 5 as sideways movement for much of the week sees prices hover just above $8000.
Cross-exchange data from Coinmarketcap shows Bitcoin beginning and closing the past seven days at around $8300, having slid to a low of $6111 Feb. 6 before peaking at $9109 on Saturday, Feb. 10.
The market remains influenced by regulatory activity in major trading markets such as India and the US. Cointelegraph additionally reported throughout the week that press attention surrounding the Indian and US moves was contributing to the volatility.
On social media, traders and commentators had made calls for a reversal in Bitcoin’s fortunes, which began in earnest towards the weekend before support broke above $9000.
Forecasting next week’s activity, Tone Vays on Friday suggested that resistance around $10,000 “would be very hard to break.”
“We have to cross the 128 [day] moving average (around $10,300); the 128 has been great support, now it’s going to be resistance,” he added.
For more: Read here https://cointelegraph.com/news/bitcoin-price-makes-little-progress-this-week-as-analysts-spy-10k-resistance
Cross-exchange data from Coinmarketcap shows Bitcoin beginning and closing the past seven days at around $8300, having slid to a low of $6111 Feb. 6 before peaking at $9109 on Saturday, Feb. 10.
The market remains influenced by regulatory activity in major trading markets such as India and the US. Cointelegraph additionally reported throughout the week that press attention surrounding the Indian and US moves was contributing to the volatility.
On social media, traders and commentators had made calls for a reversal in Bitcoin’s fortunes, which began in earnest towards the weekend before support broke above $9000.
Forecasting next week’s activity, Tone Vays on Friday suggested that resistance around $10,000 “would be very hard to break.”
“We have to cross the 128 [day] moving average (around $10,300); the 128 has been great support, now it’s going to be resistance,” he added.
For more: Read here https://cointelegraph.com/news/bitcoin-price-makes-little-progress-this-week-as-analysts-spy-10k-resistance
It is quite a journey beginning the year from a huge spike it went through last year. I surmise a huge number that came by to invest last year are all going insane considering a huge drop of their investments, and this bunch greatly affects the market in terms of Bitcoin's value. This situation, per se, is the reason Bitcoin's price now is going mainstream at an average of around $8,000 because it is only in February that its price is stabilizing after a huge amount of corrections it had to go through the past month. Hence, I can say with confidence that Bitcoin's price last month was the most ideal time to BUY to date.
Adding to that, I think we should not hasten too much about it reaching $10,000 because once that happens, everything will go smoothly as it slowly gains the momentum it used to have. Remember in the last quarter in 2017, when Bitcoin's price surpassed the initial $10,000 prediction, it never went down until the 3rd week of December. If you look closely, you will see the trend I am referring to.