Bitcoin Price Inaction, India Ban, and Sanction Busting –

The United Kingdom gained a new Prime Minister this week, voted for by Conservative party members. But will Boris be bad for Bitcoin? Or perhaps cause prices to rise? Maybe Boris isn’t the answer to all our questions and we should be looking elsewhere… like the rest of the weeks news, for instance.

Bitcoin Price: Down But Not Out

It would be hard to argue that bitcoin has had a great week price-wise, but neither has it been a total disaster. According to many analysts, the longer time spent in consolidation, the bigger the breakout when it comes. But that is little comfort when we are $1000 down from where we were a week ago.

At the start of the week price was bubbling happily along in five figures, holding $10,500 despite low trading volume. The neutral close to the week prompted some to believe a breakout was imminent.

The problem was, the breakout could just as easily be on the downside, with pressure building on $9800 support. A push down through this to $9.5k saw the…