Bitcoin weekly forecast: Bulls wasted their chance

• Global central banks want to turn the tables on private digital money.
• Bitcoin’s inside trend is losing steam as the coin moves below critical support.

Bitcoin has been oscillating in a depressingly tight range since the beginning of November. Vanishing volatility makes it harder to engineer a decisive breakthrough from the range. However, once it happens, the movements may be violent enough to create a new trend. At the time of writing, BTC/USD is changing hands at $8,700, down 5% on a day-to-day basis and down 6% since the beginning of Friday.

Central banks jump the bandwagon

The idea of central bank-issued digital coins popped out to the forefront this week. 

The EU may consider creating digital euro as proposed by the document prepared the Finnish EU presidency.  The proposal may be adopted at the next meeting on December 5, provided that the ministers of the member states agree on the terms of the draft document. 

Europe is willing to explore the…