Bitcoin Price Circles Around $9,500 Third Day In A Row

As we continuously report in our latest cryptocurrency news, this is a difficult time  for Bitcoin (BTC) because of its loss of more than $800 over the weekend. As the new updates show, the Bitcoin price circles around $9,500 for the third day in a row, after it dropped from $10,150 to a low of around $9,200.

The entire attention seems to be centered around Bitcoin futures. At the end of July, we are facing settlement – something which has traditionally placed a downward pressure on the Bitcoin price before the payouts were taking place.

According to one analyst and trader named Josh Rager, the near-term course for BTC/USD could involve an uptick towards $10,000. Knowing that the Bitcoin price circles around $9,500 for some time now, he expects BTC to move towards the five digits zone, mostly because the 50-day moving average is forming a roof. As Rager noted, the CME Group’s futures are an important metric. On his Twitter profile, he wrote:

“CME is an important chart to watch & looking at one scenario that could play out. “I lean neutral sideways but would be intrigued if price moved up to fill the meme gap at $9965 1D close before rejected off 50 MA[.] Lean bullish if price closes above $10,635 on CME.”

Rager’s comment was re-posted on many best cryptocurrency news sites.

So far, Bitcoin price circles around lower points but little evidence suggests that a more bullish scenario will occur. Many people are suggesting a period of bearish action which is more likely before the momentum for gains builds up.

Others point to an ongoing regulatory scrutiny (especially in the United States) as a pressuring force for the price. On Tuesday, Washington is set to hold a new hearing dedicated to blockhain as well as cryptocurrency policy.

“It’s a new product. It’s much different from most new products,” the chief market strategiest at TD Ameritrade J. J. Kinahan said in an interview with Bloomberg.“Everybody, including regulators, are trying to figure out the best way to roll this out to protect people, keep it something that’s viable but keep it from being the Wild West.”

The coming altcoin news show that the alts are continuing to move in BTC’s direction. As the Bitcoin price circles around $9,500, the other cryptocurrencies sit still.