Here we are, at the start of yet another week, but Bitcoin’s value doesn’t really seem to have managed to prolong last week’s gut wrenching rally towards $8,512. As far as the long-term holdings are concerned, there is not a lot that is going on in the internal parts of the market. Yesterday only, the BTC/USD pair went on to sway on both ends within a comparatively much more broader spectrum (~$300-wide). But in a more expanded view of the field, we still are from the possible recovery of the 4% drop on the July’s high, as we might have hoped for.
The constant and rather recurring sway in sentiments can allow us to point fingers on the US Securities and Exchange Commission. The regulatory body is responsible for having shunned down the Winklevoss Twins’ far-reaching Bitcoin ETF of which much was expected. There is no doubt that all the members of the Bitcoin lobby were hoping for a more fruitful outcome, following the event’s strong fundamentals for Bitcoin bulls. But it sadly such was not the case and it did not fly and BTC/USD tanked by 6% as a knee-jerk reaction.
Now as we move into yet another but a newer week, there is not much to carry forward from. Technical indicators on a 4H BitFinex chart, the Bitcoin market is yet to choose a side. The BTC/USD pair is still much higher than its 100H and 200H SMA). Moreover, the crossover which took place in the previous week in which the 100H SMA surged above the 200H SMA is commonly referred to as a bull-indicator.
Primarily, the BTC/USD has lately been under a restriction that was defined by 8325-fiat as a form of interim resistance and 7814-fiat as an embodiment of interim support. A reflection from interim support offers the chances for a long-lasting opportunity towards the interim resistance.