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Bitcoin Price: BTC/USD Leaps to Nearly One-Month High


The value of bitcoin was little changed over the weekend, as the market digested sizable gains Friday that pushed the cryptocurrency to nearly one-month highs against the US dollar.

The BTC/USD exchange rate was trading at $615.99 Saturday at 1:57 pm ET, virtually unchanged from the previous close, according to CoinDesk. The pair traded within a narrow range of $616.50 and $618.46. The BTC/USD is facing strong resistance at its current price level, which also represents the 100-day moving average.


The US dollar experienced large gains against a basket of other major fiat currencies this week, as investors grew more confident that the Federal Reserve will raise interest rates in the coming months. Traders are pricing in a nearly 70% probability of a December liftoff, according to the 30-day Fed Fund futures prices.

Bitcoin has advanced more than 1% against the dollar this week, reaching its highest level since September 11. The cryptocurrency has slowly regained momentum over the past three weeks following a series of wild swings that was partially attributed to single traders changing their positions. Individual players continue to exert are large influence on bitcoin’s price, which reflects liquidity challenges in the market.

China has been a major source of volatility for bitcoin, as investors there look to diversify away from yuan-denominated assets that are subject to capital controls and influenced by domestic policies. The Chinese economy is also undergoing a painful restructuring process that is creating significant uncertainty about its future. However, this restructuring isn’t linear, as Beijing continues to rely on traditional growth drivers to move its development plans forward. For these and other reasons, more Chinese are attracted to bitcoin.

Bloomberg has reported that investment in conventional Chinese assets has declined significantly this year. At the same time, demand for bitcoin is surging. According to NewsBTC, in August the BTC/CNY exchange rate was responsible for 90% of trades involving bitcoin.

In crytocurrency news, the US Federal Bureau of Investigation (FBI) is probing the theft of $1.3 million bitcoins from an unnamed Bitfinex account. CoinDesk reports that the alleged theft occurred September 14.

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Bitcoin Price Holds Steady Near One-Month High

The value of bitcoin was little changed Monday, as the market hovered below a key psychological resistance amid continued strength for the US dollar.

The BTC/USD exchange rate was little changed at 614.84 as of 2:45 pm ET, according to CoinDesk. The pair was down as much as 1.3% earlier in the day, reaching a session low of $611.16. Bitcoin is trading just below $620, the bottom of the psychological range.

Demand for the US dollar remained firm Monday, as investors raised their bets on a year-end rate hike by the Federal Reserve. The dollar index rose 0.3% to 96.91, the highest since late July.

The market for fiat currency has grown more volatile in recent weeks, as the combination of monetary policy speculation, Brexit talks and US election jitters led to a huge divergence between currencies. The dollar has been the prime benefactor, whereas the British pound has plummeted.

There were few catalysts in the cryptocurrency market at the start of the week. The BTC/USD remains in the bullish zone, with investors eyeing a bigger breakout int he short term. Bitcoin’s value has appreciated more than 1% against the dollar over the past five days.

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Bitcoin Price Hits 11-Week High as Market Looks Past High-Profile Cyber Attacks

The price of bitcoin surged this week, reaching its highest level since late July as investors moved past a series of hacks that brought negative attention to the digital currency space.

The BTC/USD exchange rate advanced 0.2% to $639.62 as of 1:08 pm ET, according to CoinDesk. Bitcoin’s price has surged more than 4% this week, reaching its highest level since July 30.

There were no immediate catalysts behind the move, a sign that the digital currency had finally shaken off its mid-year slump. Bitcoin plunged in August after Hong Kong-based exchange Bitfinex reported that around $70 million worth of the digital currency had been compromised in a major cyber breach. The firm later announced it would “socialize” the losses among bitcoin balances.

Bitfinex recently issued the newly created BFX token to account holders affected by the hack. Customers are now able to exchange their tokens for a stake in the brokerage.

Prior to the summer slump, bitcoin had traded at its highest level in two years thanks to greater mainstream success and growing demand in China, where investors are trying to diversify away from yuan-denominated assets. However, bitcoin’s value remains prone to wild fluctuations due to liquidity challenges that often characterize a market still in its nascent stage.

Despite summer volatility, bitcoin has gained nearly 50% against the US dollar since the beginning of the year. The US dollar been in a three-week uptrend against other fiat currencies amid growing expectations the Federal Reserve will raise interest rates by year-end. The US dollar index is down around half a percent since the start of 2016.

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Bitcoin Prices Consolidate Near 11-Week Highs


The value of bitcoin was little changed Wednesday, as the market continued to consolidate following a large upswing early last week.

The BTC/USD exchange rate edged down 0.1% to $634.60 Wednesday morning at 7:41 am, according to CoinDesk. The pair traded within a very narrow range as the markets continued to search for a new catalyst.

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Bitcoin Price Tests Four-Month Best - Was BTC USD 3% Rally Boosted By Strong Chinese Demand?


Another currency worth watching is crypto-currency Bitcoin, which crossed the $700 mark for the first time since June this year.

While the rest of the world speculates about the US Federal Reserve rate hike in December and the US Presidential elections, Bitcoin has silently been on a tear away rally.

The crypto currency is quoting at $733.32, starting November with a bang, after the massive rise in October.

The 52-week high in the bitcoin is $781.31. Looks like Santa has arrived early for the Bitcoin traders.

 

Any update on btc/usd ? When is it expected to break above $3,000 ?

 

It did some days ago.

 
Shehbaz Nawaz:

Any update on btc/usd ? When is it expected to break above $3,000 ?


Forum on trading, automated trading systems and testing trading strategies

Press review

Sergey Golubev, 2017.06.25 17:42

The Bitcoin Bubble (based on the article)

The price on M30 chart is located near and above Ichimoku cloud in the bullish area of the chart near the border betweem the primary bearish and the primary bullish: descending triangle pattern was formed by the price with 2,697 support level to be crossed to below for the bearish reversal to be started. Besides, the 3-Drives bearish pattern is forming for the price to be reversed to the primary bearish market condition in intra-day basis for example.


  • "Term for what is often known as an “asset bubble”, “price bubble”, or “investment bubble” is “speculative bubble”, because invariably, the peaks of these bubbles are caused by very intense speculative activity. A speculative bubble occurs when an asset is far, far above anything close to what its real (it might be better to say “sustainable”) value might be. A better way of describing it might be to note that because all speculative bubbles burst, a bubble can be defined as an asset rising exponentially to extremely inflated prices and then crashing down and settling at a level which is far less than its original price (typically a fall of 75% or more). A speculative bubble is characterized by both the rise and fall, particularly the fall, taking place over brief time periods."
  • "It seems logical to assume that provided Bitcoin survives in its present uncontrolled and fixed state, it will inevitably appreciate against all fiat currencies, with the only discounting arising from the question of whether it will become fully accepted as a convenient, usable legal tender. A factor within this is whether other crypto-currencies could eventually usurp Bitcoin’s leading role: it is worth noting that the capitalization of other crypto-currencies has begun to exceed Bitcoin’s capitalization. If you believe that Bitcoin will maintain its dominance over other individual crypto-currencies and eventually become widely accepted, then there is every reason to believe that a Bitcoin is worth at least $1,600 right now. If this is true, then Bitcoin might be overbought and due a substantial correction, but it could not be said to be in a bubble comparable to Tulip Mania or the first British joint stock companies of the 17th century. This case also supports Bitcoin as an attractive medium to long-term investment."
  • "If you are trading Bitcoin with a short-term time horizon, keep position sizing very small, as volatility is dramatically high. The 30-day ATR (Average True Range) has more than tripled over the past 6 weeks. Although the chart still looks quite bullish technically, we might already see the beginning of a major first lower high just above $2,600. It can also be expected that there will be support at $2,000 and within the area just below that price. A major correction should be expected, as in a huge appreciation of any asset when people who know nothing about it are starting to buy it. Long-term investors would probably do well to wait a while before buying at least part of their intended position, ideally to a level below $2,000 or, even better, $1,600."


 

hello

how can i see bitcoin and other crypto candle on saturday and  sunday?

broker: Demo MetaQuotes -binance

tanks.

 
techmac:

From my experience these kind of liquidations always end up bad for the smalls

Feel for your loss, but you should take the money and run while you sould

Trust the process
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