The Bitcoin price (BTC/USD) is heating up right now and is at $254 (at press time) on Bitstamp and breaking through new trading ranges. The steady climb upwards has seen the currency gain over 11% since last month’s consolidation at USD $240-245 levels, with some slight variances. After a run of levels in the $220-225 tests, the cryptocurrency has been remaining strong.
A test of the $255-260 range is now taking place and may help the currency progress past its 50-day MA. Bitcoin is steadily piercing resistance points, trading sideways with some small highs and lows. 12-hour charts show a bullish upside channel crossing to the new $260 range with a looming breakout trajectory point $260-265 hitting the upper sloping trend line. Over the course of the week, the green candle wicks are making significant price movements and tests.
The price comes with some solid upswings in volume as well over the past few days. Founder and CEO of Digital Currency Group, Barry Silbert, acknowledged this on Twitter this evening, “Huge bitcoin volume in China over the past 24 hours with 1 million bitcoin traded.”
Additionally, positive trading news comes with higher prices as the Winklevoss Gemini exchange has officially launched, and volume is steadily increasing over the course of its starting inception. On the 8th of October, the brothers opened their trading vehicle after receiving authorization from the New York State Department of Financial Services (NYSDFS). Bitcoin’s rise and newfound stability is gleaming in the eyes of finance magnates and venture capitalists.
The volume surge and value appreciation has risen through the media storm of optimistic outlooks from the banking industry and new trading options unveiled. On October 13, a startup called Clique Fund borrowed $10 million USD in stock via the Bitcoin blockchain. The online retailer Overstock.com and its CEO, Patrick Byrne, invoked their new mission TØ.com, which enables users to trade stocks and bonds over the blockchain and Clique Fund, loves it. The New York-based hedge fund borrowed shares in roughly 30 stocks that are kept on the NYSE.
OpenLedger, the first decentralized “FinTech Exchange,” launched on October 13 as another trading vehicle, OpenLedger enables users to convert Bitcoin to “fiat-pegged” smart coins that can be held or traded within a decentralized system. Smart coins can be cashed in through the Nanocard network, Paypal, Ripple gateway, and money transfers. Then, on the same day, Blockstream announced a sidechain trading platform called Liquid. The sidechain will be considered the first of many commercial sidechains implemented by the crew. This particular system is a collaboration between 5 bitcoin exchanges and will be slated to debut in 2016.
A lot of things are happening in the sizzling October month. With more great news, the giant gaming marketplace G2A is now accepting bitcoin. The market takes in a total of 700 thousand monthly transactions throughout 2015. G2A is an online marketplace where users can buy game activation keys for Xbox and other gaming platforms.Through a partnership with BitPay, the leading digital marketplace plans to offer its services in exchange for the cryptocurrency. Maybe 2015’s ending run will exceed throughout every section in this industry. Let’s hope so.
As I conclude this price analysis and news brief, the Bitcoin price has touched a high at $255.93 and currently rests at $254.21 on Bitstamp. Lots of positive news and solid innovations are taking place before our eyes, and it’s an exciting time as these technological dreams become a reality. The charts are showing solid breaks in resistance and heads entry towards higher trajectories. If the range gets broken down, we may see a downswing to the $240-245 range again and stay there for some time. However, solid news of infrastructure, trading vessels and the price itself could keep this rally going on through the holiday season and that would be just in time to go shopping!
How do you feel about Bitcoin’s current price? Let us know in the comments below!
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