The bitcoin price has managed to recover above $2,500 on Bitstamp, a considerable increase in price from the prior weekly low of $2,120. This is a substantial gain of almost 20% in just the past 24 hours. The price has since oscillated around the $2,500 level and despite the relative quick price recovery, Bitstamp volume appears to be wavering.
The previous pitchfork has been completely invalidated and the passing day of market activity points to a dead cat bounce. Caution is advised seeing as the current rising trend may continue, especially if there is a larger bump in buying volume.
Present bitcoin price swings seem to be norm, especially when the ongoing scaling debate is taken into account. BIP148 & USAF are two propositions that have garnered the most media attention in addition to segwit opposition spearheaded by Bitmain and Chinese miners. Although there are two segwit proposals which are different in nature, there intent is the same, to activate segregated witness this summer.
A positive resolution of future bitcoin scaling is essential for further growth of crypto currencies in general but there is a still a risk of an eventual split of the community where even two or more separate bitcoin chains may emerge. This is quite similar to the now present division between ethereum and etherum classic, which also had its share of controversies as well as drama.
Although there are numerous intricacies to the whole debate, coin dance does seem to most actively track in detail supporters of the 4 main proposed solutions to ongoing scaling dispute.
Bitcoin started trading on June 16th at $2,304.87 (GMT 00:00 – Bitstamp) and rose at one point to a new daily high of $2,538.95 (GMT 20:05). Trading was fixed to a range between $2,398.93 and the previously mentioned daily high of $2,538.95 (GMT 20:05). The closing price on Bitstamp for the day was $2.481.71 (GMT 23:59).