Bitcoin on the speed of light
Bitcoin’s Value Has Started to Ascend to Higher Levels Once Again
Over the past few days, the price of bitcoin has once again started rallying after a steep dip down to the $2100 mark. Market volumes have been phenomenally strong with a massive $1.7 billion in daily trade volume. Bitcoin’s market dominance hit an all time low a few days ago touching 36 percent, but since the price has started ticking upwards, market dominance has also rebounded to 39 percent. As the price of BTC has been rising, this time around Ethereum isn’t following bitcoin’s lead and is currently down 5 percent.
Technical Indicators
On June 20th bitcoin’s value spiked quite a bit from the day prior’s $2575 price to a high of $2783. According to technical indicators, the 100 Simple Moving Average (SMA) is now above the long-term 200 SMA, showing a bullish comeback. However, the gap between the two SMA levels is not as wide as the past run-ups in price. Stochastic shows we still may see some sell offs in the future, but the Relative Strength Index (RSI) indicates some solid buy pressure is currently in motion. Order books across a few popular exchanges are currently showing strong resistance above the $2900-3000 range. We skipped breaching a head and shoulders formation, and it seems we may be in the clear from a bearish downtrend for the time being.
Bitstamp USD/BTC prices hit a high of $2783 on June 20.
Nice write up, thanks