#Back Above $5,500: Bitcoin Shrugs Off Fork with Price Rebound

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Bitcoin is assembling new upside footing this Wednesday.
At press time, the bitcoin-US dollar (BTC/USD) exchange rate is $5,540, up 3 percent from the intraday low of $5,376, yet down 2 percent on a daily basis. Week-on-week, BTC is exchanging to a great extent unaltered, while on a month to month premise, it is up 41 percent.
Yet, it's maybe the every day recuperation that is generally outstanding. While slight, it can be perused as empowering as it takes after the news that bitcoin gold , another traded on an open market duplicate of the bitcoin organize was made accessible to speculators on trades yesterday. While the benefit isn't yet issued by designers, many trades made IOU forms of BTG accessible, putting offer weight available and prodding purchasing somewhere else.

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However, it doesn't appear that new bitcoin purchasers are in a race to trade these apparition BTG tokens for fiat cash, and the recuperation proposes all the more new cash could enter the BTC showcase at a value they feel is appealing. Things being what they are, is bitcoin heading back towards record highs?
The way that inquiry volumes stayed low amid yesterday's auction proposes the plunge was to a great extent observed as a solid amendment.

Google Search volume

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The above chart shows:
Search volumes registered a minor uptick yesterday, which could be associated with hard fork (bitcoin gold creation) and remained well below the level seen on Oct. 21 (the day bitcoin rallied to record highs).
Search volumes show bulls have little reason to worry, however, the price action analysis suggests bitcoin is not out of the woods yet.

Daily chart

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In spite of the recuperation from $5,376, the fleeting standpoint stays cloudy, civility of the bearish price relative strength index (RSI) and price money flow index (MFI) dissimilarity.
Just a persuading move above $5,867 would open entryways for a rally to all-timeighs above $6,100.
On the drawback, a finish of day close beneath the help of the rising pattern line (dabbed blue line) would:
Add trustworthiness to bearish difference
Affirm the rally from the September low of $2,980 has bested out
What's more, might open entryways for a drop $4,500 levels. Thanks for your support so far. I urge you to upvote and resteem @jakemore.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.