Bitcoin price rises slowly as Italy's Milan Bitcoin Scaling Conference ends

As the price of Bitcoin has slowly climbed recently, volatility has remained low, which means trading opportunities are limited. We hope to see a tentative recovery soon, but it may take a week or two.

Over the weekend, Bitcoin developers gathered in Milan, Italy for the Scaling Bitcoin conference, which lasted two days and focused on solutions to Bitcoin’s scaling issues. This was the second such conference to be held, with a total of four scheduled. Discussion points included the expected hot topics of Segregated Witness (segwit), block size, Lightning Network, Sidechains, etc. Although there were no major announcements or developments from the conference, Bitcoin price seemed to like the solution coordinated by the developers, which may have avoided the pitfalls of a non-consensus hard fork. We think this is why Bitcoin price was able to break through the $610 resistance level in the past few days. As the market has already priced in this event, we think it is dangerous to continue to lie dormant until we get a more significant boost in the coming weeks.

Looking at the chart, we can see that in the 3-day chart below, the price has remained within a broad, narrow range.

Meanwhile, it is noted that the market is attempting to pull in the 38.2% Fibonacci retracement of the bullish structure, which is a good sign, while the A/D Line continues to push up signals, which suggests that buyers are holding at these levels for now. Finally, on the bright side, the 200-day SMA is maintaining its inverse trend, while both the RSI and MACD show room for a turnaround in medium-term momentum.

Overall, we may all be looking forward to new highs before the end of the year, but in the short term, we are not so optimistic. Considering that there has been no follow-up action after reaching $610 over the weekend, and there is no short-term overbought condition so far, we think that the market is likely to fall into the resistance area of ​​$600 to $630 during this week. Everyone seems to be determined that the expansion of the distribution area will come sooner or later, which means that there may be some ups and downs before we harvest a more clear and sustainable trend.