Friday, September 22, 2017

Crypto News: Weak Demand? Bitcoin's Price Rebound May Be Starting to Fade

Weak Demand? Bitcoins Price Rebound May Be Starting to Fade

The rebound in the bitcoin-U.S. dollar (BTC/USD) exchange rate appears to be stalling out.

After rising from a recent low of $2,980 earlier this week, bitcoin is again trading below $4,000, a development that raises doubts as to whether the rally will continue. As per CoinMarketCap, the cryptocurrency was trading at $3,850 at press time – down 1.68 percent in the last 24 hours.

Week-on-week, BTC is up 19 percent. On a monthly basis, BTC is down 3.7 percent.

However, assumptions that China's crypto trading crackdown will not have a long-term impact seem to have waned. This is evident from the price action analysis, which points to bullish exhaustion around $4,000 and a lack of substance in the rally from $2,980.


Full story at http://bit.ly/2yvYOe2


Source: CoinDesk


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