Over the past 48 hours, bitcoin’s fiat value has risen exponentially with the price on a ramp towards US$800 per BTC. Currently, at press time the price is averaging $745. If it reaches $790, it will peak past this summer’s high before the Bitfinex hack.
Bitcoin Price Value Bumps Push Upwards
On November 17 bitcoin touched $750, making the total bitcoin market capitalization just above $12 billion.The price has dipped a touch and is slowly working through heavier resistance at the moment. Technical indicators show on both the 100 Simple Moving Average (SMA) and 200 SMA that the price will keep testing higher. Unless selling pressure picks up, the price could very well crest towards $790-800 per BTC in the next few days.
Looking at the Weekly View
This week has been perfect for intra-range traders and those who love volatility. Over the course of the week the price has been bumpy, moving back and forth between $685 and $710. However, on November 16 the fiat value shot up from the low $700s to $730 per BTC. Following this feat, on the morning of the 17th the price tapped the $750 mark, and enthusiasts were thrilled. Of course, speculative rumors point to China’s yuan devaluation and India’s recent currency ban.
Bitcoin in the News
News has been relatively good for the decentralized currency since our last price trend report. One of the biggest stories of the week comes from India as Prime Minister Narendra Modi declared large-denomination rupees illegal. This has caused cash shortages and volatile markets throughout India. Many people within the cryptocurrency community have been pushing the idea that residents from India should look to bitcoin. It seems some residents might be listening, as the value of gold has risen in the region and bitcoin prices have been $100 higher than many exchanges worldwide.
The world’s most popular wallet and blockchain explorer firm Blockchain recently announced a partnership with Coinify. Now Blockchain users will be able to purchase bitcoin in-wallet with either a credit card or tethered bank account. The company has been having an extremely successful month as Blockchain approaches 10 million registered bitcoin wallets.
Furthermore, the U.S. election finally ended with Donald Trump defeating Hillary Clinton in the presidential race. The outcome sent shockwaves throughout global markets including bitcoin, as the price shot up 5% following the results. With the Trump transition approaching, many wonder how his administration will be towards fintech and digital currencies.
So What’s the Verdict?
At press time there has been a slight downtrend, but overall candle charts look bullish. The price definitely had some bumps in the road reaching this price point, and the price is expected to continue to be choppy. Intra-range and day traders will do well in this environment, and projections show $780-800 is attainable.
Bear Scenario: Term support seems to be holding firm above $700 if the price corrects it should floor around this range. Bitcoin has shown over the past three-weeks that these highs could see quick shorts as well and bear traps.
Bull Scenario: Buying doesn’t seem to be slowing up as trading volume is heavy at $131 million USD worth of BTC being traded daily. Ascending channel patterns show the price path pushing towards $780-800 if nothing dreadful happens these next few days. Traders should always be reminded that when the price is high, they should use extreme caution holding reserves on exchanges.
Disclaimer: Bitcoin price articles are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the money.
What do you think about Bitcoin’s current price value at the moment? Let us know in the comments below.
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