This week, the price of Bitcoin continued its sideways trading within the $20 range that has been active since August 6th. Bitcoinmarkets exhibited weakness overall, leading to a failed attempt at $585 to last week’s expected break of $600. This month’s price action resembles the pattern from the beginning of June to the end of July 2016, right before price broke downwards. Bitcoin fundamentals are not bullish either. Apart from Bitcoin Core release of version 0.13.0, there was no news to push prices higher.
The range over the period of August has been dull, trading within the $560 – $600. Trading forums have been deserted. Long periods of small up and down movements are uncertain. As of writing this, Bitcoin is trading at $573, right below mid level resistance level at $580.
“BTC market is pretty boring with low volume and price movement, people are talking about other coins and XMR and pretty much anything else that’s less boring.”
After the BitFinex hack sell off on August 2, price retraced and made three attempt to $580 before breaking up to $600. Thus, this level will require significant buying pressure to