The slippery slope continued to exact its toll on Bitcoin yesterday but stubborn buyer positions prevented a breach of USD 7,500 and managed to recover some of its losses in Asian trading markets today to settle around a price of USD 7,766 (7:00 am UTC, CoinDesk).
It is still a loss of about 1% from yesterday’s levels, and a return of triangle charts have not returned, however, so the story of the week so far is a definite stalling of the Bitcoin rally that has captured headlines this year. The rest of the crypto market has also been halted in their tracks, with most altcoins posting similar losses the past few days, although, like Bitcoin, still holding on to the majority of the gains from May.
Bitcoin bulls will be hoping this week to strengthen their positions and retake territory towards USD 8,000, before launching another onslaught onto USD 9,000 and beyond. Ongoing and increasing tensions in global stock markets brought on by the US-China trade wars will pressure traditional money to seek safer havens, and Bitcoin will probably look even more appealing at its current drop in price.
Medium and long term, Bitcoin still maintains a positive outlook, with even the worst predictions from analysts like Peter Brandt only having a USD 5,000 range as the end result of a correction phase he believes we have now entered.
— Peter Brandt (@PeterLBrandt) June 4, 2019
The bulls are having none of it, of course, and these low prices will spur even more accumulation.
Bitcoin is a game of accumulation
— Pomp (@APompliano) June 5, 2019
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