Bitcoin Prices See Some Uptrend During the Weekend

The price of bitcoin has been trending higher since our last markets update and is currently hovering around the $4,275 – $4,295 zone on September 30 at 11:00 pm EDT. The decentralized cryptocurrency has climbed roughly 2 percent on a daily basis over the course of last week as buyers steadily chew through market resistance

Bitcoin Markets Feel a Quick Upwards Rush
Bitcoin markets and traders betting on bitcoin’s uptrend had an active week closing out the month of September. Currently, traders and bitcoin proponents seem optimistic, as there have been a few positive announcements this week like 11 Japanese exchanges being approved by the FSA. News from China seem optimistic as cryptocurrencies are expected to be regulated on October 1. Bitcoin trade volume has ticked up a tad capturing $1.3B in daily trade volume, with global Localbitcoin’s trade volumes at an all-time high. Since the announcement of Chinese exchanges closing, Localbitcoin’s volumes in China have been the highest in recorded history.

Bitcoin’s price has been ascending higher over the course of the day, reaching a high of $4,340. The price has been meeting some resistance around this range and is being pressed downwards at the time of writing this. Technical indicators show the 100 Simple Moving Average (SMA) is still well above the 200 SMA which means some upside is still in the cards. Order books show deep resistance at the $4400 territory and buyers will have to work a touch harder to move past the sell walls.