Bitcoin
Price Soars Past $1400 and Into the $1500 Range
Many bitcoiners have been celebrating the
spring months of April and May, as the past few weeks has seen all-time price
highs for bitcoin. Cryptocurrency proponents were quite pleased when BTC’s fiat
value rose above the $1400 mark and were subsequently surprised when $1500 came
quickly after. At press time the price per BTC had reached $1547 after
dipping into the $1490s several times.
Weekly View
Short term technical indicators and order books show there is substantial resistance
above the $1500 range at the time of writing. However, the 100 Simple Moving
Average (SMA) is still maintaining well above the longer term 200 SMA showing
the bull market engines are still at full throttle. Although the Relative
Strength Index and Stochastic indicators show we may be in overbought territory
and things could get choppy. Nevertheless, bitcoin volume is strong capturing
roughly $300-500 million per day this week as the decentralized cryptocurrency
now commands a $24.2 billion market.
Bitcoin In the News
No
one knows the primary reason why bitcoin’s price is rising so fast. There could
be various things to consider that are attributing to bitcoin’s soaring market
value. Mainstream media has put out a few articles highlighting bitcoin’s
increase in value which could be enticing investor interest. Countries like
India, Japan,
and China have continued to show significant demand as global interest in
bitcoin stemming from many regions has been at an all-time high.
Furthermore many
governments in areas such as Mexico, India,
and other countries look as though they may legalize and regulate the digital
currency. The approval from worldwide leaders may be giving bitcoin markets
positive reinforcement, a far different approach than their warnings in the
past. Overall the fact of the matter is it’s hard not to notice bitcoin’s
performance and adoption growth over the previous year. High prices, positive
news, and global interest continues to bring more users into the world of
cryptocurrency for various reasons.
Celebrating Record Highs as Japanese Trading Volume
Continues to Surge
As usual bitcoin community members are thrilled to see the
decentralized currency do so well. People have been celebrating all over social
media with tweets, price ticker pictures, and their favorite bitcoin memes.
Overall the past twenty-four hours has been exciting as the trading day began
in the low $1440s.
The heaviest trading region
has been Japan as the country has captured a majority of the global trade
volume. According to CNBC, the Japanese exchange Bitflyer is seeing massive demand. This is also followed by strong trading
volumes stemming from the U.S. and China as
well.
Bear Scenario: The
price of $1500 per BTC is a highly psychological mark, and it will take time to
find ground above this range. According to order books across various global
exchanges and depth charts, there’s strong support between the $1400-1450
territory. There’s sure to be plenty of volatile action for intra-range moves
and day traders looking for quick dips.
Bull Scenario: At
press time bitcoin is wiping off the sweat from breaking $1500 and trying to
hold its position. If buyers keep up the action and bitcoin breaks current
resistance the path to $1600 could very well be achieved. Bulls are controlling
the market and keeping the momentum going on the upside. The question is — How
much longer can they keep it up?
What
do you think about the price of bitcoin breaking $1500? Where do you see the
price going from here? Let us know in the comments below.
Disclaimer: Bitcoin price
articles and markets updates 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.”
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