Yesterday, the world celebrated the 50th anniversary of the first Moon landing. But did the week’s crypto news give any indication of ‘When Moon?’ for Bitcoin?
Bitcoin Price: Another Week Of Consolidation
So it’s been another week of consolidation for bitcoin price, which is never a bad thing long term. Let’s have a look at how it unfolded.
The week started somewhat perilously, as whales tried to shake out weak hands, and price dipped briefly back below $10k. Still, this did present a great buying opportunity for anyone who thought they had missed their chance at a sub-10k bitcoin.
By Tuesday, things seemed to be on the mend again though as price broke out of a bullish falling wedge and climbed back towards $11,000. However, the optimism was short-lived, as on Wednesday another crash saw BTC trading in the low $9000 levels.
Despite concerns of further losses, resistance held and price bounced back to five figures on Thursday. A study showing that price is most volatile between midnight and 1am UTC had traders reconsidering their sleep patterns.
The consensus is that bitcoin will not return to 2019 lows, based on mining costs. This, despite concerns that US President Donald Trump may feel that he has to be seen to act against Bitcoin in defence of the dollar. Although apparently he can’t ban Bitcoin because source code is speech.
John McAfee was still positive about his $1m by 2020 prediction anyway. So we can all rest easy and anyone who bought the dip can consider it a steal.