The price of Bitcoin has been climbing upwards for the past couple of days showing a bullish pattern as it reached $450 USD on most major exchanges April 21. The value has remained at this level since then and looks like it may bullishly break out again.
Price Increase Shows Bullish Trend
Bitcoin’s price has remained stable for quite some time and has seen some increase over the past few days. Currently, at press time, the value per BTC on Bitstamp is in the $445-450 range looking at some short-term resistance at the moment. With this upswing, many are hoping the time has come for continued increases in value. News has been positive all around, and people seem to be buying and “hodling” for the upcoming July reward halving.
In the past few months, many have also focused their radar on China’s economic downturn as well. All of these reasons speculators have used to explain the current uptrend but as usual, it has been anyone’s guess. Because positive media and overall enthusiasm continues, the price has seemed to reflect these good vibes.
News of Steam soon to be integrating with Bitcoin and the release of the long-awaited Segregated Witness has people excited about the digital currency’s future. Venture capitalists such as Tim Draper believe the price will soar over the next two years and could exceed many expectations. Investments in the cryptocurrency environment are continuing to advance the industry’s outlook bolstering Bitcoin’s thriving network daily. This kind of attention may be the cause of price spikes over the past months, but some think the reward halving is the true reason for the increase.
Bitcoin’s reward will be reduced from 25 bitcoin per block to 12.5 sometime in July. This will make the digital currency much harder to accumulate by even the fastest and biggest of mining operations. Thus, quite a few people believe the price will jump exponentially as Bitcoin’s scarcity is one of its greatest qualities.
Right now the charts indicate a $450 sell-walls and resistance in place, however. On the other hand, some have been pleased with the stability of the digital currency, and many in the community look forward to the start of high price increases. The question for many speculators and hodlers is when will it happen?
What do you think about Bitcoin’s current price trend? Let us know in the comments below.
Images courtesy of Shutterstock and Pixbay