So that’s the week pretty much done, and it’s been one of the least inspiring weeks from an intraday trading perspective that we’ve had in a long time. It’s looking like the halving is impacting sentiment – something we discussed in a little bit of detail last night. Those who are looking to set up a speculative position seem to have already done so, while those who have decided to reduce their exposure are staying out of the markets. As a side note, the fact that price hasn’t declined sharply across the last week or so is both a bit of a surprise, and something we can use to gauge general sentiment about how holders (not speculative, but long term) feel. From a purely theoretical standpoint, that is, classic supply and demand economics, price should rise as supply falls. At its root, halving is a supply cut. Despite this, many expect (or so the media would have us believe) that price will fall. If the majority of long term holders followed this latter theory, they would have sold their holdings ahead of July 9. This would have put pressure on price. We haven’t seen this selloff, which suggests
Read more ... source: NewsBTC USA
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