In the middle of nowhere

• Fundamental background remains supportive, but not helpful.
• Bitcoin’s trend points downwards as the bullish momentum is losing steam.

Bitcoin has been drifting down since the beginning of the week. as the bulls have no luck with the recovery campaign launched during the previous weekend. At the time of writing, BTC/USD is changing hands at $8,570, down 2.5% on a weekly basis. Lack of upside momentum and bull’s inability to take the price above $9,000 bodes ill for bitcoin’s short-term forecasts.

The cryptocurrency universe runs its course with no fanfare and little sensations. While bitcoin and all major altcoins have been losing ground during the week, the sell-off was caused mostly by technical and speculative factors. 

From the fundamental point of view,  the market continues gravitating towards the increased presence of institutional players and convergence with the traditional financial system. Recently, the Swiss banks announced thee plans to launch…