Over the past few days, Bitcoin has been in a tightening range withstanding above $7800 and below $8250. Right now, not much can be said for the market as there is little to no certainty with the current events.
News to come which may affect the current price of Bitcoin include:
No.1: The VanEck SolidX Bitcoin ETF released sometime in early August.
No.2: Increased regulation by central banks.
No.3: Increased regulation in South Korea on acceptance of cryptocurrencies.
No.4: Chinese increased crack down on cryptocurrency mining related activities.
No.5: Release of new and improved mining hardware for Ethash and Bitcoin.
If we were to account for these factors on a risk to reward scale, most would realize it may not be quite a good idea to be holding or investing at the current time. Unless one already owns Bitcoin or cryptocurrencies at lower levels, we would recommend waiting for a better entry before making a move.
Now before we face much hate in the Bitcoin community as we are promoters of Bitcoin, we wanted to say we love Bitcoin, but recommending to purchase at these levels would likely be highly speculative. One should invest with promises of returns and we suggest watching how the ETF in August plays out before making any decision to invest.
Again, we are willing to purchase at these levels given positive news, but we would like to purchase on the news rather than speculate what will occur.