Bitcoin Price Rally Stalls below Key Resistance

This has been the recent news online and with that fact, it is a fact that this move has affected the bitcoin price now or as we speak. Talking of the key resistance, we mean that there has been some sort of resistance as far as bitcoin value improvement is concerned. The resistance has stagnated at the $6,710 mark as at 9^th July 11, 2018. However, at Bitfinex, the bitcoin value has clocked about $6,839 in just eighteen days. It might be a puzzle to some of us because we sometimes don’t understand when bitcoin value has stalled and when there are slight changes that could shift the position of bitcoin value today.

Let’s look at how BTC has been fairing in the recent past beginning from the date of the issues of this article. BTC has failed more than once in the last couple of day and this has led BTC to miss the gain of above $6,754. This is actually a 23.6 percent retracement that has deteriorated from $ 9,990 to about $5,755. You can as well see or discover that BTC has failed to close up the stiff resistance and has remained at $6,800 in the past two or so weeks.

From the insights above, you can actually get to see that the value of 1 bitcoin has encountered a stiff resistance. However the pullback that is being anticipated has been seen as a move that could eventually propel the bitcoin value to move up to the much expected stronger value of $7,000. It is sad however that the financial technical studies have been biased as far as such an insinuation is concerned. The bitcoin value is an unstable thing that cannot be determined in just one day because small shifts could produce a huge impact on bitcoin value.

Last but not least, the bitcoin price now has stalled below the key resistance basically because of various factors. The first factor that has been put across by the technical analyzers include the fact that the bitcoin miners could have relented their tasks hence leaving little bitcoin in circulation within the market. This factor has also affected bitcoin value today. The second factor that could have led to such a resistance is that there could be some of the owners of bitcoins who have resorted to hoarding and depriving the network of enough bitcoins.