Bitcoin Price Analysis 7/18

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.”

Related Post

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.

Prediction

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.

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

8 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

8 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

9 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

9 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

13 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

14 hours ago