Reading: Bitcoin Price Analysis: Buy the Rumor, Sell the News Eustace Cryptus | Aug 04, 2018 | 07:00 Bitcoin price continues to deflate after last week’s BTC ETF rejection. By now most traders will want to know whether or not this is a short-term bear trend, or if BTC is returning to the $6k range indefinitely.
There was a time when the slightest rumor sent tremors through the market and boosted even the most unheard of altcoin by 20% minimum. Alas, it appears that those days have long passed.
Outside of the this month’s Bitcoin ETF hype and letdown, very little of this week’s positive bitcoin news translated to growth in price. The news that a Starbucks partnership with Microsoft which eventually could lead to customers paying for their frappes with Bitcoin seems to have produced a pop above $7,400 Friday morning.
However, BTC $7276.15 -1.6% quickly pulled back. It seems the actual buy a coffee with Bitcoin concept is not as straightforward as it seems. A secondary company will receive a cryptocurrency instantaneously converted to fiat for Starbucks.
Nonetheless, a win is a win, and cryptocurrencies need further integration into current payment systems in order to spur wider adoption. In other news, Robert Sluymer of Fundstrat says that Bitcoin is in a “crucial phase” as it will either bounce off recent lows and keep moving or crumble under pressure and return to $6,000. Read more from bitcoinist.com…
thumbnail courtesy of bitcoinist.com