This week Bitcoin started with a nice bull run to a high of $317 on July 12th followed by a crash to $270 and a slight rebound. Currently the price of Bitcoin is $277. The Greece debacle was a major contributor to last week’s bull run and combined with Visa and Mastercard cutting off service to backpage.com last week was a great week to hold BTC. This week has been rough with the price sliding around $15. Lets see what other traders are predicting in regards to the future of BTC.
Looking on tradingview we see a mix between Long and Short positions meaning that the market could go either way. Technitian from tradingview suggests a Short position for the following reasons:
“After the recent boost which i believe was another dead cat bounce , boosted by Greece risks. Greece finance minister once said that if to exit the euro adopting bitcoin as a medium of exchange is possible.However, Yanis Varoufakis is no longer the finance minister for Greece, and Greece will eventually get back to track with the euro-group. We have seen the Greek parliament accept the latest terms of the euro bailout proposal.”
BTC-e Flash Crash
Another interesting event that happened this week was the BTC-E Bitcoin market price flash crash where BTC touched $160. This does not mean that people were able to get hundreds of coins for $160 as no other exchanges crashed and there was no panic dump after. In order to cause such a crash an individual or a group would have had to have sold atleast 10,000 Bitcoins. Whether a trader rage quit Bitcoin or a poorly coded trading bot cost someone tens of thousands remains a mystery. There are conspiracy theories going around that it was planned by BTC-E itself, but until further proof is presented they remain just that – conspiracy theories.
While this week has been rough I still have hope that the price will rebound right back to $290 and the bull run will continue. The fact is that new users join Bitcoin every day especially with VISA denying service to backpage.com and Greece citizens realizing that bitcoin makes a much better store of value than cash in the bank. Furthermore, Bitcoin proved to be a resilient piece of software after the latest spam attacks which only slightly inconvenience Bitcoin’s users. Last but not least it is very common for Bitcoin’s price to slide when the week comes to an end, and when a new week begins the price climbs up again.
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