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Kevin Davitt, the analyst at CBOE: "Perhaps we are witnessing the maturation of a market. It's far too early to declare this the "new normal" but the persistent range over the last few weeks may be hinting at a structural shift. Time will tell."
After reaching its September highs last week, Bitcoin is trading in a range-bound market between the resistance at $6,595 and the support at $6,485. The digital currency keeps losing its volatility, as trading cryptocurrencies becomes less chaotic and more professional. Even the news factor did not affect the price for Bitcoin as it used to last year. Thus, the latest speculations around Tether failed to create a long-term market activity. Some analysts even compare the volatility of Bitcoin price to shares of some large corporations, showing how little they change. At the moment, the digital currency is trading near the 50-day MA at $6,522. Unexpected positive events on the market can force the price to rise above the resistance at $6,595 to the next resistance at $6,629. In case of negative factors, the price can fall below $6,485 to the next support at $6419.
In other news:
Tether destroyed 500 million of USDT tokens, still, more than 600 million coins remain outside the market for now. The capitalization of Tether fell below 2 billion dollars for the first time since January.
Regulations:
New releases:
Bitcoin $6,566.8(+0.40%)
DASH $155.05 (-0.55%)
Ethereum $206.75 (+1.19%)
Litecoin: $51.88 (+0.62%)
This week we anticipate inflation data and retail sales for Britain and the US and employment data for Australia. What are the forecasts and how they may affect the currency pairs? Read this week's news wrap!
Did Bitcoin manage to recover and what was the hottest news in the crypto and blockchain world? Read and find out!
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On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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