Traders expect bitcoin, the largest digital currency by market value, to remain range-bound over the near-term. Among the myriad issues facing bitcoin and other cryptocurrencies is adoption. As in when cryptos will become more widely accepted and used for mainstream activities, such as basic payments and money transfers, on a larger scale.
“A convincing move above $6,810 (last week’s high) would validate the bullish inverted hammer and boost the prospects of a sustained move higher toward $7,402 (September high),” reports CoinDesk.
Chart Courtesy: Coinmarketcap.com
For more information on the cryptocurrency market, visit the Bitcoin category.