AFTER AN EARLY JUMP BITCOIN REMAINS AT ELEVATED LEVELS
The price of bitcoin and other cryptocurrencies rose over the weekend. This ended a few weeks of major declines that saw Bitcoin and Ethereum reach lows of $5700 and $395 respectively. After the weekend surge, bitcoin has traded within a narrow range of $6580 and $6500 as traders wait for the next catalyst.
With regards to cryptocurrencies, regulation has been a significant topic of conversation. The Japanese Financial Services Authority (FSA) is reportedly considering the way it regulates crypto exchanges with the hope of improving consumer protection.
Meanwhile, The Pirate Bay (TBH) will start mining cryptocurrencies as people use their website. TBH is the largest online piracy website with millions of active users. The website’s revenue model has always been through advertising, but many advertisers have shunned the website. Its attempts to ask for customer donations have failed too.
Bitcoin is currently trading at $6550. With the BTC/USD pair trading in a narrow sideways direction, there is a likelihood that its price will break out in either direction. If it moves lower, traders should expect it to test the support of $6180. If it moves higher, traders should expect it to aim for the $7,000 level.