Bitcoin Price Intraday Analysis: BTC/USD Bias Conflict Prevails

So now we are at the start of another week, but Bitcoin value hasn’t really managed to extend the previous week’s powerful rally towards $8,512. As far as the long-term holdings are concerned, there is nothing much happening inside the market. In the last 24 hours itself, the BTC/USD pair continued to trend sideways within a relatively more extensive range (~$300-wide). But in a broader context, we still haven’t able to recover the 4% drop on the July’s high, as we wanted.

The change in sentiment could be blamed on the US Securities and Exchange Commission. The regulatory body last week shunned Winklevoss Twin’s ambitious Bitcoin ETF. It is true that the entire Bitcoin lobby was expecting a better outcome, owing to the event’s strong fundamentals for Bitcoin bulls. But it didn’t happen, and BTC/USD experienced a 6% drop as a knee-jerk reaction.

And now, when we head to another week, there is nothing much to carry forward from here. From technical indicators on…