Bitcoin Price Stuck In ‘No Man’s Land,’ Remains In $600 Range
Bitcoin has bee trading a little lower than those following it are accustomed. According to Coin Desk, bitcoin values have stayed at the $7,500 to $8,100 range since June 5. A big volume of the channel would drive the value up to $8,500, but that depends on whether it would get the breaks to go that way. A break directed toward the lower end, however, would bring it back down to $7,500.
This current struggle doesn't look good, especially as bitcoin values appear to be trending down rather than up. There was once a time when it managed to keep level at $8,000. Since then, it has fallen below that level, while going dangerously near levels at $7,500. Prices reached a new low on June 6 at $7,449 before bouncing back to $7,806.
Since then, a bullish run had forced bitcoin values to hover above $8,000 for the last few days. But this failed to create a change in the neutral outlook, which is the immediate reaction for some traders. All it takes to fall down from that value is a break below the lower edge, which could send bitcoin values spiraling down to levels below the $7,500 mark and onto the $6,000 category.
There are those who are optimistic with bitcoin's chances, particularly Nigel Green, the founder and chief executive of deVere Group. The Dubai-based firm, according to International investment, believes that the price of bitcoin, which hovered around $8,000 against the US dollar on Wednesday, has the potential to take advantage of the current low volatility.
Green commented on the value, saying that bitcoin has currently been in 'no man's land' for a week now. The range of change has been roughly in the $600 category. It could be $600 lower or higher, with the traders and analysts hopeful that the trend has shown it would continue to go on in the $600 range. It also has potential to hurdle the $8,000 barrier for good.
A picture of bitcoin's volatility was painted just a little, with it undergoing a stable period starting from February, where it ended on a $4,200 run in March. Before the end of May, a value of $9,090 for the crypto-coin was trending. A new run, according to Green, would boost the greater crypto market. Other currencies like XRP, Litecoin, and even Ethereum would enjoy the rally as well.
The stalemate will eventually be broken. All indications point toward bitcoin continuing to trend in the green. For now, prices have been struggling to stay afloat the $8,000 mark, suggesting a dip towards the $7,500 levels. However, as in the past, it could mean that a big push is just around the corner for bitcoin, just like the last time.