Bitcoin has likely found a comfortable place to reside for the time being. All that climbing and falling is sure to take a toll on one’s energy, and bitcoin is no exception. After nearly two weeks, the price seems to be shifting only slightly within the range of $580 and $590.
One source explains that bitcoin is now competing against the U.S. dollar, which seems to be doing better in the value department. The platform states:
“US equities ended in the green once more, renewing demand for the dollar versus other assets such as bitcoin. Economic reports from the US have been surpassing expectation these days, keeping hopes up for a Fed interest rate hike in September or December… If the actual readings beat expectations, the US dollar could gain more traction in its climb.”
http://bitcoinist.net/bitcoin-price-massive-bull-run/