The current price of $BTC is $6332, with around 4.1 billion USD in 24 hour trading volume.
Bitcoin’s drop to the low $6200’s was short lived as the price has now rallied back above $6300.
By the looks of it, $BTC seems to be forming a higher low price structure when analyzing price action from late June and both of the second weeks of August and October. This looks to be postive for the crypto space doesn’t necessarily indicate that the market will side with bulls in the coming months.
However , the market movements we have seen for the past few weeks now have not told any other story than continued ranging.
Since Bitcoin and the total market cap of crypto are still resting against crucial 2018 support, without noticeable volume to propel prices away from these supports, there is still some concern for the overall health of crypto investments as 2018 draws to a close.
As bleak as this price action has been, the noise surrounding the space seems to grow increasingly bullish with every passing day.
Morgan Stanley, one of the oldest and most reputable investment banks in the world, has comprised a report from its research division on the crypto and blockchain asset class.
Initially, Morgan and Stanley’s opinion on Bitcoin was that it was a new form of digital cash. This opinion has evolved over the years to now recognizing cryptocurrency and blockchain as a new institutional investment class.
This report is another important indicator of how key financial and institutional players are adapting to this space.
As quickly as the modern world evolves, this space has developed profoundly in only ten years. With more and more positive connotation on crypto being spread and stronger infrastructure being implemented every day, our team has no doubt in the longevity and profitability that will be experienced in the coming years.
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