Silk Road Auction Could Help Bitcoin Price Bounce Back

Since our last price piece, bitcoin has gained another two dollars in value and is hovering at around $590 as of press time. While developments surrounding the recent Bitfinex hack may have shaken traders’ confidence in bitcoin, an upcoming Silk Road auction could push the price back over $600.

“Bitcoin price is gradually approaching $600,” one source mentions. “Could advance continue immediately? Possibly, but with a few obstacles to consider.”

One of those obstacles involves slow-moving price indicators. Since the Bitfinex hack last week, price charts are showing bitcoin as a growing currency, but once the price hits $600, it’s likely to stay there for some time, and further advancements could fail to meet our expectations.

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