Can anyone help to explain why BITCOIN. Movement is now stagnanted?
Many people said Chinese new year is the cause of the downward movement of the market.
Please how true is this?
The end of Chinese New Year had no effect on bitcoin. If anything it would have pushed price of bitcoin up as people would have dumped before the Chinese New Year and started accumulating again after the new year.
So that theory is really not working out right now.
It's stagnant, because the market forces are pretty much in the equal. We're hanging around $9k-11k with very little room upwards or downwards at the moment. I think that we're testing the waters with $11k right now, with support being established at $10k instead of $9k, which is why we're moving in a very strict range of prices.