Investors expecting a sudden surge in bitcoin’s price, after it underwent a technical adjustment three weeks ago that reduced the rate at which new coins are generated, may have to wait a few months, or perhaps a few years. Reporting by Gertrude Chavez-Dreyfuss; Editing by Alden Bentley and Steve Orlofsky
Bitcoin traded in narrow ranges after it went through a third so-called halving on May 11, which cut the rewards given to those who “mine” bitcoin to 6.25 new coins from 12.5.
There were some expectations that bitcoin would soar, similar to what happened after the two previous adjustments as the “halving” effectively decreased its supply.
On Thursday, bitcoin was at $9,783 BTC=BTSP. It breached $10,000 twice after the “halving” but retreated as it found tough resistance at that level.
“Bitcoin is on a see-saw, between bulls and bears,” said Nicholas Pelecanos, head of trading at NEM Ventures. “On one end, we have network data and technicals; the other, strong fundamentals and a correlation to U.S. stock indices.”
He added that bitcoin’s network data is flashing more bearish than bullish signals, as he expects further short-term selling.
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