Bitcoin Defies the Sub $70 Speculations

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Just 2 days before Mt. Goxes temporary USD withdrawal announcement, Bitcoin experienced some heavy buy volume.  Today, on July 10 @ 1521hr, we saw a volume of 7000 BTC’s which  was enough to take the price from the high $78’s to the mid $81’s.  The bull market continued and at the time of writing the market on Mt. Gox peaked out at $88.38, while earlier in the hour the market was hanging at $75.(Later in the week, the market peaks out at just above $104.00)  We saw this $75 region for well over 4 days so it was refreshing to see a change.Speculation raged on reddit & bitcointalk.org in how Bitcoin was destined to see the sub $60 region. The explanation was that it was merely a price correction. Fear, Uncertainty & Doubt was only magnified by the recent current events. This included some government actions against a company dealings with Dwolla, The Bitcoin Foundation & of course the Mt.Gox USD withdrawal freeze. Only time will tell.

bitcoin july 10 bull market


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