Leading crypto coin Bitcoin has returned a relatively strong upturn, turning back from $ 7400 three days ago. A few days watching in the band 7600-7700 Bitcoin , today it is supported by $ 7550.
Commenting on the recent situation in Bitcoin, CoinDesk analyst Omkar Godbole said, “Bitcoin is stuck in an increasingly narrow range for more than two weeks and is experiencing a low volatility for eight months. As a result, Bitcoin is likely to make a strong move before too soon, but the direction of this move is unclear. ”
Godbole said that since May 24, the price of number one crypto money has been limited to between 7000 and 7800, but has hardly changed in the last 36 hours, pointing to an unstable market.
Analysts noted that the difference between daily high and low prices was down to 107 dollars on Thursday, indicating that this is the lowest level since October of 2017.
Godbole noted that long-running horizontal movements were usually followed by a violent movement, which could be two-way, and Bitcoin could see a move of $ 800 very soon.
According to Godbole, if Bitcoin makes a move above $ 7819, it will point to the bullish trend and the price will go up to $ 8880. Analyst, in the month of the scenario, if the $ 7090 break if the 6000’ya could move to the action reported.