News Bitcoin Price Watch: Developments Continue Despite Stagnant Prices

Bitcoin Price Watch: Developments Continue Despite Stagnant Prices

-

- Advertisment -

Bitcoin Price Watch: Developments Continue Despite Stagnant Prices

At press time, the father of crypto is trading for about $3,418 and has remained relatively stable over the past seven days. Granted the price isn’t at all near where we’d like it to be, it’s a relief to see that volatility has taken a rest (albeit brief) from attacking bitcoin.

Unfortunately, it’s virtually impossible to say if this “good fortune” will last. Many analysts are claiming that a test of $3,000 is still in play, and the currency could potentially find itself trading at this level or even lower.

BTCUSD: Bitcoin - Wedge Structure With a Potential For One More Drop

Chart by jacobcanfield

One such figure is David Thomas, director and co-founder of the crypto brokerage firm Global Block. In a recent interview, Thomas claimed:

“February begins and the past week in crypto has been comparatively dull by the standards that we have become accustomed to, and for the most part, caution and negativity still prevail. The last week saw a light-trading range for BTC between $3,400 and $3,523. Overall sentiment, as mentioned above, still appears to be bearish and the $3,000 support level muted last week remains in play with further support at $2,600. If we were to see a squeeze higher, then resistance still stands at $4,000.”

The worry that bitcoin could drop into the $2,000 range is likely to always remain in the back of enthusiasts’ heads. Granted the push beyond $4,000 never comes, most traders are always probably going to exhibit fear that bitcoin may fall even further than it already has.

At the same time, gloom and doom has been running rampant since December, and for the most part, bitcoin has always sustained its position on the financial totem pole. To be fair, there’s one thing we can all say about bitcoin, and that’s that it can move in any direction at any time. We’ve grown accustomed to this, especially over the last two years, but recently, even under the most bearish conditions, bitcoin has managed to keep itself steady.

Furthermore, one must always be willing to look beyond the notion of price at developments occurring in the bitcoin space, and despite the falling price, such developments are always present. Among the most notable is Bitfury’s announcement that it is opening bitcoin mining operations in Paraguay. Partnering with the South Korean venture Commons Foundation, the move is part of Bitfury’s new Golden Goose initiative to bring cryptocurrency to Spanish-speaking countries.

Sandra Otazu Vera – an attorney in Paraguay and advisor to the Commons Foundation – states:

“Paraguay is exploring creative ways to use emerging technologies, like blockchain and cryptocurrencies, to benefit its economy and its citizens, and this partnership with strategic allies like Commons Foundation and Bitfury will provide the infrastructure that enables them to advance those efforts.”

Bitcoin Charts by TradingView

Image(s): Shutterstock.com

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

What’s the future of decentralized blockchains?

When Bitcoin was new and not valued at anything or just a few cents anyone could join...

My 5 favorite free crypto tools & sites I use daily

So I often get asked by friends, or people visiting my site about new tips for exciting...

Cryptocurrency is The Last Kingdom Where You Can Keep Your Data Private

Data privacy has been a hot topic for quite some time now and particularly after the popularity...

How To Travel With Bitcoin: 9 Travel Companies Accepting Bitcoin

Bitcoin travel is a reality, as several travel companies now accept payments in cryptocurrencies for their services.
- Advertisement -Bitcoin Price Watch: Developments Continue Despite Stagnant Prices

Top 5 Ways To Build a Profitable Business in The Crypto Sector

The crypto industry has grown significantly despite criticism and a skeptical approach from regulators across the globe....

These 8 Cryptocurrencies Will Survive the Next Decade

Cryptocurrency is the future, we all have reasons to believe it. But are people ready...

Must read

- Advertisement -

You might also likeRELATED
Recommended to you