As the end of US tax season approaches Bitcoin bulls believe that the digital currency will finally begin its next run to prices over 20250 But is it really going to run

Yesterday evening we noted that in response to the action we had seen in the bitcoin price throughout the Monday morning and early afternoon sessions we would maintain the previous sessions range in an attempt to draw a breakout profit We highlighted some pretty tight targets and let things play out Unfortunately things didnt turn out quite how we had hoped they might As youll see from the chart in a second action overnight saw a break of our preslated support level which put us short towards an initial downside target of 4265 Postbreak we got a nice selloff and it looked like we were in for a swift target hit on the position Shortly before our target circa one and a bit dollars however the bitcoin price reversed and corrected to the upside to trade back within range In doing so it took out our predefined stop and we exited the trade for a small loss

A report by the Blockchain Transparency Institute BTI claims that many exchanges are using bots to fake trading volume Their research shows that wash trading affects over 80 of the top 25 bitcoin pairings Furthermore allegations of this being a deliberate business practice present significant concerns for the industry Which is already struggling to gain mainstream acceptance

As the end of US tax season approaches Bitcoin bulls believe that the digital currency will finally begin its next run to prices over 20250 But is it really going to run