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Bitcoin seemed on the verge of a breakout above $6,650 but a failed third attempt, followed by a lack of buying interest has given bears an opportunity to snatch back control and it looks like BTC has dropped a shelf for a bit of sideways trading in the $6,200 – $6,400 range. Bitcoin Price Market Overview Earlier this week on CNBC Fast Money, host Melissa Lee described the narrow channel between $6k and $7k as ‘Bitcoin Purgatory”. Guest speaker and head of Digital Assets group at Susquehanna International Group, Bart Smith, said “Bitcoin is in show me mode ” as the cryptocurrency market currently seems resistant to trend changes driven by good news and positive developments for cryptocurrencies. Smith believes investors are searching for verifiable proof that the market has turned bullish before setting up positions, hence the sporadic spikes and trend of declining volume for bitcoin. It seems the entire market is contingent on the SEC’s approval or denial of exchange-traded fu...

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. The cryptocurrency market capitalization has risen above the $215 billion mark once again. A resilient Bitcoin was the main reason for the pullback. If the leader holds ground, the investors gain confidence and start entering the markets. Crypto hedge fund Pantera Capital is looking to raise $175 million for its third venture fund. They had previously raised $13 million in 2013 for the first fund and $25 million for the second. This shows that the demand for cryptocurrencies and related investments is still alive. While the decline was purportedly caused by the rejection of the ETF proposal by the SEC, some experts still hope to see a Bitcoin ETF in the near future. Others , however, are ...