This week has seen much sideways movement from Bitcoin, but nothing that will impact Bitcoin in the long term. Bitcoin started the week in the mid $230s, where it proceeded to decrease slowly to a bottom of $230 around Thursday. On some exchanges like Bitfinex, it even dipped a little below that, briefly touching $228.
After it had hit the floor, Bitcoin rose $20 in two days, peaking at $249 where it then proceeded to tumble back down to $240. Since then it has jumped back to $245, and Bitcoin is now stuck in a fork in the road where the price will either push back up with another bull run or find a stable floor once again.
With only a net change of 0.43% from last week, as well as volume ranging from 14 million to 33 million this week, the slightest tug in either direction can have Bitcoin swinging up or down. With nothing definitive occurring, I expect Bitcoin’s price to move sideways with a bullish tendency.
This is due to the increased exposure from the upcoming Inside Bitcoins conference in Hong Kong, as well as other meetings occurring in the next weeks. Even with the sideways movement, Bitcoin has been relatively stable so I would not worry too much.
News like the partnership between Bitstamp and Vogogo or the partnership between Ribbit.me and Spendabit only opens additional outlets to entice new consumers into spending their first Satoshis, which is the hardest part.
