As reported earlier by Bitcoin.com, the price of Bitcoin has consolidated into a pennant pattern, suggesting a high possibility that the price is ready for an up-move as the average value has been above a gradual trendline. But while breaking $800 would affirm pennant predictions, there is currently a lot of sell pressure near the $700 mark.
New Developments & Overall Optimism
Lots of good things have been happening in the Bitcoin landscape as overall enthusiasm has been at a high. The halving was successful as the price of Bitcoin stayed steady, and many people celebrated the occasion across the world. Scaling is still being discussed daily, and the next Scaling Bitcoin event has been announced to be held on October 8-9 in Milan, Italy. Moreover, companies like BitFury are introducing new ideas to the table with concepts like its routing solution for the Lightning Network dubbed “Flare.”
Mainstream media has continued to cover the Bitcoin phenomenon covering reports on the halving and the cryptocurrency’s infrastructure investments as well. Lots of announcements have surrounded the Bitcoin scene such as Seafile’s decision to drop PayPal and use Bitcoin instead. Alongside this, Kim Dotcom tweeted to his 488,000 followers that his new Mega service will use Bitcoin which will be an integral part of its mission.
In other news, SolidX has filed with SEC to list its Bitcoin ETF on the New York Stock Exchange. This will give investors another choice between SolidX, Barry Silbert’s trust, and the COIN ETF that will operate on Bats BZX Exchange. With lots of focus on China involvement in Bitcoin land, people have missed the fact that Japanese trading volume has been soaring. Attention may have been distracted by the Pokemon GO phenomenon as the Japanese exchange Bitflyer has been trading millions in BTC/JPY.
As well as strong trading in Japan, Mark Karpeles has been released on bail and must remain in Japan for the time being. The infamous Mt Gox CEO, who lost millions of bitcoin, has now lost a lot of weight while being under investigation by authorities in Tokyo for the year. How he was able to post bail is not yet confirmed, but our sources claim that he paid $100,000 to get out. Undoubtedly, many eyes will be focused on the actions of Magical Tux as it was a big story in the Bitcoin space this week.
Overall things have been quite positive in the Bitcoin landscape, and the price has been consolidating for now. The kettle is certainly steaming, and the price has been testing resistance with charts showing a potential breakout forming.