Bitcoin taking a very neutral course when it comes to market performance. Bitcoin has experienced close to 0% gain in the last 7-day average. It has been very unstable in the range of -2% to +2% today. It keeps dropping and increasing between this range.
Bitcoin, which recently was very close to crossing the $10000 mark is now seeing a very neutral growth rate. It surges at 0.77% in the last 24 hours at the time of writing.
The price has been more or less the same throughout the day, it has surged and declined with a difference of 100 odd dollars. Ranging between, $9250 and $9350, the price has taken a hit since May 6th and since that day has declined by around $600.
The current 7-day average hangs in a balance because of the surge Bitcoin experienced in the first 3 days of the week and the decline it experienced in the last 4 days. Both the surge and the decline are complementing each other really well to keep the 7-day average close to 0. Even in the last 1 hour, Bitcoin has surged only by 0.12% but it is the first time in the day that Bitcoin witnessed green numbers next to its name on the 1 hour scale, 24 hour scale and 7 day scale at the same time.
As far as today is concerned, Bitcoin seems like a very stable cryptocurrency. It has not seen breathtaking surges or declines. Many Bitcoin followers have come compared today’s performance to that of a traditional market security.
George Kennedy tweeted:
“Oh my God! The future is here, Bitcoin is stable, this stability allows it to enter the mainstream so Fuck the people who said its instability will never allow it to be a mainstream currency.”
Many experts believe that a fall back to $9000 or below is highly possible despite the neutral performance given the bearish market. Other cryptocurrencies have suffered quite a bit from this bearish market but the biggest hit was taken by optimists who believed that Bitcoin would cross $10000 and now a likelihood of the speculation of it falling back to $9000 coming true will leave these optimists flabbergasted.
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