Bitcoin price is within reach of the $470 resistance level. Although the possibility of a downward correction remains, a concerted push by the bulls may be able to secure advance.
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Time of analysis: 14h00 UTC Bitstamp 1-Day Candle Chart
From the analysis pages of xbt.social, earlier today:
Its been a turbulent week for the Bitcoin ecosystem, and that the market managed to hold price under control is a feat.
Craig Wright’s re-appearance on the scene was a news highlight in both the Bitcoin and mainstream media. The Satoshi candidate arrived with a bang on Monday, and by Friday his blog had been cleared of puzzling technical content, and with only a farewell message and apology . The market reacted with a muted relief rally that reached toward the resistance zone near $470.
An unintended consequence of Craig Wright’s media show and private reveals, is that Gavin Andresen’s obligatory participation brought years of logjam between himself and the Core developers to a head and resulted in his commit access to the Bitcoin source code repository being revoked. Core’s mild-mannered lead maintainer, Wladimir van der Laan has offered a perspective on the matter in his blog .
The eventful week gave Bitcoin plenty of media coverage and Google Trend shows that search interest for the term “bitcoin” has sky-rocketed. This could be significant for bitcoin price, given the historical correlation between public interest and price chart rallies. Google Trends search interest for “bitcoin” If the bulls can trade price through $470 and both open and close a 1-day candle above this critical level then advance to higher targets will be […]
