The bitcoin has encountered a small rise. Standing at $610 at press time, evidence suggests that America’s favorite coin is pulling itself out of the gutter and redressing itself in stronger threads. In fact, some analysts think the recent stability could be due to American trading neutralizing volume from the normally-dominant China.
Bitcoin: America vs China
The sentiment among most analysts is that a bull run is about to strike. One source explains:
“Bitcoin price finally begins advance after a long wait and sideways crawl… The primary target, for now, is the previous high near $628. It would be good to see $680 during this wave higher, but let’s see if the market can hold its nerve at this altitude… Bitcoin price advances out of its consolidation zone. A general uptrend continues, but it cannot definitively be called a ‘Big One’ until $680 is conquered.”
In a recent price piece, the status of Chinese bitcoin exchange OKCoin was discussed as being the potential “figure” behind bitcoin’s recent fall. The company underwent a liquidation phase that birthed limitations on multiple investor activities. China has such a large hand in the bitcoin arena that it’s believed the actions of this one exchange may have caused the bitcoin price to retract from $620, where it been hanging for several days.
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