Bitcoin price is as yet solidifying inside its rising wedge arrangement. Should traders expect a breakout soon? What does the following 5 July BTCUSD Price Fundamental Analysis reveal?
5 July, OctaFX – The price of Bicoin and other cryptocurrencies rose over the weekend. This ended a few weeks of major declines that saw Bitcoin and Ethereum reach lows of $5700 and $395 respectively. After the weekend surge, bitcoin has traded within a narrow range of $6580 and $6500 as traders wait for the next catalyst.
Japanese Financial Services Authority (FSA) To Regulate Crypto Exchanges
With regards to cryptocurrencies, regulation has been a significant topic of conversation. The Japanese Financial Services Authority (FSA) is reportedly considering the way it regulates crypto exchanges with the hope of improving consumer protection.
Meanwhile, The Pirate Bay (TBH) will start mining cryptocurrencies as people use their website. TBH is the largest online piracy website with millions of active users. The website’s revenue model has always been through advertising, but many advertisers have shunned the website. Its attempts to ask for customer donations have failed too.
5 July BTCUSD Price Fundamental Analysis
Bitcoin is currently trading at $6550. With the BTCUSD pair trading in a narrow sideways direction, there is a likelihood that its price will break out in either direction. If it moves lower, traders should expect it to test the support of $6180. If it moves higher, traders should expect it to aim for the $7,000 level.
This article about 5 July BTCUSD Price Fundamental Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.