Bitcoin exchange rate ends week zero dynamics
At the moment, Bitcoin (BTC) is dead demonstrate the dynamics close to 0% for the past day after a rollback to $6,835 when the bulls pushed the cryptocurrency back to $7,000. Bitcoin traded sideways since early February, and it seems that price is about $7,000 – the ultimate optimism at the moment.
Summing up the summer in cryptocurrency market are:
Lack of ideas, which didn’t allow any rally to develop into a long-term market recovery.
The growing complexity of networks is another trend for this summer. Despite 65% of the correction rates with BTC historical high, miners continue to increase network capacity, which has reached a historic high. A similar pattern is observed for Aldona. Analysts attribute the increase in Hasrat networks with growth rates but now it’s more like a “fear to lose” which can result in deep technical crisis cryptocurrency.
The increase in the duration of price trends which lasts from the beginning of the year. The inability of bitcoin to develop the growth of above 7000 looks like a serious warning. Growth impulses over all lower level. In January it was 17 thousand, in February and March, the exchange rate of bitcoin is unfolded to decline already at levels below 11.5 thousand In may had spread before reaching 10 million In the July 8300 has become an insurmountable resistance. If in the coming days, bitcoin will not gain momentum to continue the rally, the resistance can already migrate to the area of the 7000.
It is important to note that all of this time bitcoin has seen a steady support in the area just below 6000. Technical analysis teaches us that the movement within this triangle often ends in a break of the support and the sharp momentum of decline. In this case, the rate of bitcoin has a good chance to reach the level of $3000.
However, at the moment, the fear of market participants “miss fortune” is so strong that they are willing to ignore the gravity and hope for the “hot” autumn.