Bitcoin Price Exceeds January High of $7.22
On Tuesday, Bitcoin finally exceeded the $7.22 high that the price reached in January, briefly touching $7.25 in the (North American) afternoon before temporarily sliding back down to $7.10-$7.20 for the rest of the day. The January high was set in anticipation of an episode of the TV show The Good Wife) airing an episode featuring Bitcoin, bringing the....
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So how big an impact are bitcoins really having on the global economy? The latest market stats show the digital currency continues to show a growing influence on "real" money. Among some recent stats: As of April 2013, more than 11 million bitcoins have been mined so far. The market cap for bitcoins now exceeds $1 billion (US), and briefly stood at a high of over $2.6 billion. The value for a bitcoin reached a high of $237.57 in April 2013 before crashing to a low of $83.66 in a matter of days. While the value has recovered some, even the low far exceeds the $4.98 bitcoin value in early 2012.
Bitcoin price continued rising as the market's buying volume is increasing constantly. A high of around $280 was printed earlier today and if the current bullish momentum continues and bitcoin price exceeds $284, it will face no considerable resistance on its way up to $320. By studying the 4 hour Bitfinex (BTC/USD) charts from tradingview.com, keeping the same Fibonacci retracement fan we created during yesterday's analysis and plotting the William's Alligator indicator accordingly (look at the below chart), we can notice the following: Bitcoin price is continuing to record higher highs....
Bitcoin price continues to surge with a week-long rally that has seen bitcoin gain over 10% in value since the end of January. Bitcoin struck a new 30-day high of $1,056, today. Reverting to a bullish trend similar to the beginning of the year when bitcoin broke the $1000 milestone on its way to reach gold parity, bitcoin is booming. A crackdown by the People’s Bank of China (PBoC), China’s central bank led to significant turmoil, leading to bitcoin losing a third of its value to hit a January low of $751 within days of reaching a high of $1139 on the Bitstamp Price Index. Brushing aside....
The beginning of the week, on January 25, 2016 Bitcoin price was at the level of $397. On Tuesday, January 26, 2016 due to dropping oil prices we have seen another decline in Asian stock markets, but it had no effect on Bitcoin. Until January 28 Bitcoin was trading at around $400. On January 27 the Federal Reserve released its decision to leave interest rates unchanged, which led to the strengthening of the US Dollar in foreign exchange markets, putting pressure on the price of Bitcoin. BTC price dropped to $382. Continuing the decline, on January 29, 2016 Bitcoin dropped to $366, but....
We spotted yesterday what seemed to be an attempt at reversing the current bearish trend, as bitcoin price was well supported at the $220-$230 level; however, the attempted reversal was resisted shortly and the price began to fall again after reaching a high of around $243. By drawing a trend line between the low reached on the 14th of January ($165.82) and the high reached on the 26th of January ($315) on the 1 hour Bitfinex (BTC/USD) charts from tradingview.com, and then plotting the Fibonacci retracements accordingly (look at the below chart), we can see how the downtrend that had....