RATE Group | BTC/USD upward progression remains restrained – Confluence Detector
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BTC/USD upward progression remains restrained – Confluence Detector

09 Oct BTC/USD upward progression remains restrained – Confluence Detector

Posted at 10:28h in Bitcoin News by

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  • Bitcoin struggles to re-attack levels towards $8,500 but the bears’ grip is too strong.
  • Bitcoin bulls remain resilient in their quest to push Bitcoin above $9,000.

Bitcoin bears have continued to push the price lower for the second day in a row. The selloffs witnessed have seen the price dive from levels above $8,300 to test $8,100 (short-term) support. With the prevailing bearish trend, low volume and a low volatility, it means that upward movement will stay limited.

Elsewhere, Forbes editor-in-chief Steve Forbes referred to Bitcoin as a “high tech cry for help” due to the lack of trust in the current traditional currencies. He however, said that Bitcoin fluctuations are extreme. On the other hand, he displays a clear understanding of Bitcoin and its involvement in the current and future status of the financial markets.

“It’s performed a very important role in helping people in distressed situations around the world: getting around governments that…

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