Bitcoin set for range-trading mode

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After a 10% decline, BTCUSD started to recover and climbed back above $9,000 on Friday. The latest retreat, triggered by profit taking and the sale of the Mt. Gox trustee funds, was taken as buying opportunity, and the $10,000 is back on investors’ radars.
Good news for the industry this week is that cryptocurrency exchange Gemini announced its partnership with Nasdaq, which will allow the company to better monitor trading activities on its platform. Meanwhile, John Pfeffer, partner at Pfeffer Capital, said that bitcoin is the first real asset that could meaningfully replace gold .
A quick rebound from lows around $8,600 highlights the cryptocurrency market is getting healthier and more consistent. The Relative Strength Index for bitcoin points to a neutral stance for the time being. It means that we may see some consolidation in the short term.
The price will hardly break the psychologically important level $10,000 any time soon as the market will need some additional impetus to do it. On the other hand, there are no significant bearish signals as well. Therefore, the pair is likely to further oscillate around $9,000 looking for further direction.
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