After New Highs, Bitcoin Price Faces Uncertain Path Ahead

Where to bitcoin?

Just a day after reaching its highest total since 2013, there were many familiar markings of new bitcoin price activity. The milestone set off the typical slew of mainstream media articles, though it seems that every outlet offered a different take on the factors driving market activity.

Quartz stuck closest to the prevailing sentiment, crediting the pending decision on the Winklevoss ETF, while TechCrunch cited strong stock markets and Bloomberg pointed to the Donald Trump presidency.

Still, all combined, the reports perhaps show the lack of narrative at play in the currency market. This may be accurate, as it’s still unclear to many how the price is likely to move going forward.

So far, the price of bitcoin has encountered notable volatility since setting a new high, suffering a sharp drop in which its price again tested $1,100.

At press time, the price of bitcoin was $1,157.47, $10 below its previous all-time high, and suggesting market reticence at testing figures above this mark.

New territory

That’s not to say there’s no direction.

As reported by CoinDesk, there is a strong sentiment that the uptick in activity is the market ‘pricing in’ the SEC’s upcoming decision on whether to approve

Read more ... source: CoinDesk

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