The bitcoin price chart has been sluggish with trade volume gradually decreasing during the past several weeks. The ever-present prospect of a potential price rally motivates most bitcoin speculators to continue hoping despite a protracted bear market.
Bitcoin Price Analysis
Time of analysis: 15h20 UTC
Bitstamp 1-Hour Chart
From the analysis pages of xbt.social, earlier today:
We’re finally seeing the 1-day moving averages consolidation that was discussed in Long-Term analysis at the beginning of the year. The only fundamental change that has happened since then is the consensus breach that accompanied the release of XT and its proposed hardfork of the blockchain in February 2016. Without reiterating the meaning or implications of this, suffice to say that it has introduced insecurity and uncertainty to the Bitcoin ecosystem, with question marks over its future prospects. Uncertainty and fundamental devaluation of an asset does not inspire confident and optimistic investment (buying).
The psychological and social implications may therefore bias speculators toward