It seems as if Bitcoin is finally starting to stabilize, and may have found a floor at around $8000. After months of significant declines, it is nice to see BTC slowly climbing back up. Many people are expecting the next significant resistance to be at or around $8500. As of this writing, BTC is trading at $8246, which is up about 2.5% on the day.
One nice thing about this climb is that it has been more of a consistent climb than just a big jump (though it did go up by $1000 in a 60 minute period at one point). With most any investment, when something rockets up insanely fast, it also comes down quite quickly. Having a steady growth is likely going to help Bitcoin to hold on to the gains.
Some people are expecting a fairly flat Bitcoin for the next little while given the uncertainty of regulations in various countries. Ryan Zagone, director of regulatory relations at Ripple Labs, said, “We’re at that time now where we need more clarity and rules, and we need more certainty. It’s a good time to start revisiting that ‘wait and see’ approach taken by regulators.
Whether Bitcoin is flat, or continues its march upward, it will be a good thing for investors and the cryto market in general.