After taking a few flights of stairs quickly, Bitcoin seems to be struggling to attain that critical $9000 mark.
Looking at cryptocurrencies today, we see that BTC has not been able to stay above $8500 although it keeps poking its head up above water.
“After breaking a new 2019 threshold of $9,000 on May 30, bitcoin has seen a significant price correction after multiple recovery attempts,” writes Helen Partz this morning in a cryptocurrency piece that, inscrutably, features an image of a Bitcoin in lotus meditation. “The biggest cryptocurrency had not managed to hold the $8,600 price point yesterday, and even dropped below $8,500 earlier on the day….. Bitcoin has seen sufficient volatility on the day, with its intraday high of $8,808 while the intraday low amounted to $8,471 as of press time. Over the past seven days, bitcoin is down around 2.4%.”
Other cryptocurrencies are similarly down.
“According to data from CoinMarketCap, only four out of the top 20 cryptos by market cap are seeing gains at press time, with Cosmos and Bitcoin SV seeing the largest gains over the day, up around 15.3% and 15% respectively,” Partz adds. “In contrast, Tron’s price has plunged 8%, which is the biggest loss over the day among the top 20.”
With BTC’s balanced pressures around $8500, we’re actually about where Michael Novogratz of Galaxy Digital predicted we would be in comments reported last week.
Putting Bitcoin in the $7000-$10,000 range, Novogratz suggested that the current rally was basically over.
That jives with what we’re seeing now. Bitcoin is sustaining $8000 – it’s just not sustaining $9000. In all likelihood, this may be where Bitcoin stays for the near future, as similar to a few months ago when it crawled sideways at around $6500 for weeks, much to the consternation of traders who wanted to see some BTC action.
However, that depends on all of those big institutional moves happening around Bitcoin. For example, in the past week or so we’ve been reporting quite a bit on how BitPay, a third party service, is allowing more people to use Bitcoin as a medium of purchase. We’ve also reported on how Bitcoin is currently used more as an asset then as a payment medium – but part of that is the Bitcoin mania created by the spike.
A stable Bitcoin with third-party services ramping up small-potatoes economic utility could have Bitcoin becoming more ubiquitous as a payment medium, and more people using those Bitcoin ATMs that are now built into the American landscape.
What do you think? Where do you see BTC price ending up? Let us know.