Economic news

Bitcoin to swing more forcefully soon but movement direction uncertain

Bitcoin is caught in a squeezing price corridor, while the trajectory of its further escape isn’t clear.

The global cryptocurrency pioneer was forecasted to go up near $7,000 in the last few days, as it had overcome a major technical obstacle on July 17, but it couldn’t absorb supply about $6,600 during Saturday-Sunday time.

The virtual coin is sandwiched into a narrow $300 range, hovering at around $6,400 on Bitfinex exchange, posting a 0.80% rise in 24 hours.

Nevertheless the refusal at $6,600 hasn’t been pricey, with those bearing the market having a hard time at pushing bitcoin lower than $6,300.

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