The price of bitcoin is in a bullish pattern, seeing significant spikes over the past 24 hours. At press time, the value of one BTC has reached a high of $612 USD, and the price momentum is looking on the upside.
Last Week Bitcoin Remained Stable, But the Price Is Now On the Move
As reported by Bitcoin.com’s last price analysis on August 23, bitcoin charts have been reflecting a pending price rise. On September 3, the value of BTC moved past the $570 range into the $590s during the course of the afternoon.
Buying patterns look strong, and heavier resistance should be in the $620-30 range with possible slowdowns. Fibonacci extensions suggest a possible advance to $675 over the course of the week, as long as market manipulation and negative fundamentals steer clear of the technical trend.
Weekly View
Last week saw stronger buying and increased volume of trading activities across all major exchanges. There is plenty of room for intra-range strategies, assuming that the price sees more volatility than last week. Trendlines last week showed an upside target, but the market remained steady as $570 range sell-walls were eaten slowly. At the current price of $612, the 4-hour chart reveals the first set of challenges. Last week had quite a bit of heavy altcoin trading, but Bitcoin’s dominance stayed within the 80 percentile range, and trading volume stayed at a consistent $130 million daily.
In The News
The past week’s news wasn’t really really significant enough to encourage such a spike in price. Yet, the price continues to move upwards. One positive development that happened this week was Bitfinex reimbursing its first wave of customers. This particular news may have enticed investors to execute buying strategies by creating optimism in the markets.
In other news, more privacy applications have emerged as of late. New tumbling platforms such as Shufflepuff and TumbleBit have created a stir of enthusiasm in the community as privacy techniques continue to advance.
Another noteworthy headline this week was the announcement of the Brave Browser implementing bitcoin micropayments. The 0.11.6 release of Brave enables users to reward websites they enjoy frequenting, while at the same time getting rid of tracking and adware techniques. The Bitcoin community rejoiced when the beta version of Brave Payments was finally unveiled, possibly adding more optimism into trading markets.
The Verdict
Indicators suggest that the market will continue its uptrend. Prices in the $625-650 range seem attainable in the short-term. The long-term could see prices move up towards $680-700 if trend lines are correct and bullish momentum keeps up.
Anticipation for previous highs may keep the buying rate on the upside and encourage heavier trading volume this week. If things begin to pull back and show definitive corrections, we can expect to see strong support in the $580 range.
Bear scenario: If we see a price decline, we will likely hit support levels in the $580 range. Lower floors of $560 are possible but look inconceivable as of press time.
Bull scenario: Charts suggest a continued uptrend in the $600 ranges above the 4-hour, 200 moving average in the coming days. Unless patterns change, Fibonacci extension targets much higher price points than $610.
Disclaimer: Bitcoin price articles 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.