-Bitcoin news, price, information & analysis The price of Bitcoin has faced unexpected downward pressure in May as Consensus 2018 did not produce enough enthusiasm for a bullish move. Analyst Willy Woo said the virtual currency may only find its upside in Q3/Q4 2018.
Until then, bulls may find bid opportunities at prices as low as $5,500. The cryptocurrency market has been under pressure in 2018 following an extensive race to the top, with Bitcoin breaching the $20,000 level.
Traders were expecting the Blockchain Week in New York to trigger a new bullish momentum, but the market lost $52 billion after a disappointing event. Bitcoin stalled below the $10,000 area in early May and has been steadily returning to the 2018 lows.
Willy Woo, a BTC technical analyst with 62,500 followers on Twitter, is not very optimistic about where the market is moving next. Woo expects the market to give in to bears for a downswing towards $5500-$5700.
“NVT Signal is still too high. We need more blockchain transactional activity to justify the current price, or the price to drop to reconcile the difference. Read more from newsbtc.com…
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