Bitcoin’s Sideways Trend Continues and Ends

The exchange rates of Bitcoin vs. US. dollar has been holding level between $440 - $460 a few days in a row. Positive macroeconomic indicators from the US and an increase in interest rates to 0.50% led to a strengthening of the Dollar. However, Bitcoin’s price was unharmed.

Today, the release of another piece of important economic data is also expected. The Dollar relative to other currencies will be further strengthened, while BitcoinCT r:  2 should continue its sideways trend to about $440 - $470 and begin to grow to the levels of $480 and $490.

We can see an increase in the yield differential of US Government Bonds on the world’s bond market, which affects the strengthening of the dollar. The recent decisions of both the Federal Reserve and the European Central Bank also stimulate investors to buy the US national currency. Moreover, bad expectations for the price of oil makes purchases of Dollar promising, thus, we see the strengthening of the USD against the decline of other currencies. But, as we have seen it has almost no effect on the Bitcoin macroeconomic outlook.

We asked Cryptocurrency experts about possible Bitcoin price changes in the next 24-36 hours:

Vishal Gupta is the Founder of Bitcoin Alliance India, CEO at SearchTrade, and Director at Moving Trumpet, who focuses on Investments in the consumer Internet, market places and business SaaS:

“Bulls in the market seem to be consistently testing if than can breach 470 lvls and bears seems to be keeping it in check. The trading range is between 450 and 460 since past few days. Breakout point on down side could be 440 and upside 470. If market crosses 470 it might rally to 500 and come back.”

 Read More:  http://cointelegraph.com/news/115906/daily-bitcoin-price-analysis-bitcoins-sideways-trend-continues-and-ends