RATE Group | Bitcoin Price Analysis: Buy the Rumor, Sell the News
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Bitcoin Price Analysis: Buy the Rumor, Sell the News

04 Aug Bitcoin Price Analysis: Buy the Rumor, Sell the News

Posted at 12:33h in Bitcoin News by

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Bitcoin price continues to deflate after last week’s BTC ETF rejection. By now most traders will want to know whether or not this is a short-term bear trend, or if BTC is returning to the $6k range indefinitely.

Market Overview

There was a time when the slightest rumor sent tremors through the market and boosted even the most unheard of altcoin by 20% minimum. Alas, it appears that those days have long passed. Outside of the this month’s Bitcoin ETF hype and letdown, very little of this week’s positive bitcoin news translated to growth in price.

The news that a Starbucks partnership with Microsoft which eventually could lead to customers paying for their frappes with Bitcoin seems to have produced a pop above $7,400 Friday morning. However, BTC 00 quickly pulled back. It seems the actual buy a coffee with Bitcoin concept is not as straightforward as it seems.  A secondary company will receive a cryptocurrency instantaneously converted to fiat for Starbucks. Nonetheless,…

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