By breakfast perpetually its intentions were clear, though, as it shook off the weekend’s lethargy and a speedy $500 spike signalled a desire to mount an assault on the $14k kind it had come so perilously close to conquering two weeks ago. Back then, it was $50 shy of the fingerprint, willed on by eager bulls who were quickly brought to their knees as thingummies took a dive back below $11,000 and even a brief dip supervised $10k before settling back below $12,000 and what is now verifying to be one of the stickiest lines of resistance in bitcoin’s 10-year-history. Another out-of-the-blue climb pushed by rising market volume saw $13,000 breached again on Wednesday, coupled with much jubilation in the colloquy threads and crypto chat boxes of social media as excited give ups rubbed together with dreams of finally breaking above the promised estate of $14,000.
However, before the day was out, the all too predictable collapse swiftly followed and sighs of damp squib drowned out the popping of champagne corks once again.
Today, the menu looks to be gift little fayre other than $11,500.
Even the specials board – the altcoins of Ethereum, Litecoin, Bitcoin Spondulicks etc – has a hint of apathy about it.
It begs the question – should we really be bolt fromed by bitcoin’s price movement anymore?
“Absolutely not,” laughs Mati Greenspan, a Elder Analyst at eToro.
“Extreme volatility is part and parcel of the bitcoin supermarket.”
This drawn-out, up-and-down repetition is starting to grate on the enthusiasm of some, but not for Mr Greenspan. If anything, he feels it’s having the opposite effect.
“Volumes are strong at the moment,” he says.
“Over and beyond the last few weeks they’re the strongest they’ve ever been – I see a rich brighten, bustling and rapidly growing market.”
The cause of voluminous lifts and nick drops creating this great pendulum motion in the market is indigent to fathom. Lately, there have been fingers pointing supporting deliberate manipulation. That accusation, says, the experienced Mr Greenspan, has hardly any foundation.
“Bitcoin is currently consolidating its gains,” he explains.
“There’s an clear range between $10k and $14k, so movements within the range may be rather rapid.
“I’ve not seen any evidence of outright manipulation – there are a lot of whales in the make available and large orders do tend to impact the bottom-line price, but that doesn’t have in mind that it’s intentional per se, or that anyone can really control it.”
The volatility of bitcoin in new months has created a wave of calls for a hastening of regulation around the epoch. Whether or not that would calm the hot-bloodedness of cryptocurrency markets down remainders to be seen.
“Regulation varies by location,” muses the eToro BTC specialist.
“Profuse regulatory clarity is usually a good thing, but I don’t think it’s a decisive influence for most buyers and sellers.”
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