Those worried that the Bitcoin wouldn’t be able to breach the $240 line in near future can change their opinion now that the cryptocurrency confidently jumped at $247.26 per coin. This is amazing news to fans of the Bitcoin that has been dealing with serious problems the last two months. The news that Bitcoin fell under $200 might be long forgotten now, but traders couldn’t set high hopes for the currency nonetheless.
We witnessed the Bitcoin falling and then going up again. At one period of time it even regained the long awaited stability, just so it could start moving unpredictably up and down after a short period of time. However, these past two weeks have been amazing and we’ve seen the cryptocurrency going strong, reaching new highs with each passing day.
Everyone’s been sceptical whether the steady growth was something that would end quickly. Nevertheless, the Bitcoin didn’t disappoint us and reached the highest value since mid August. So, let’s take a look at the chart, see what the numbers are revealing and analyze the indicators.
At One Point the Bitcoin Reached $247
This is one of those days when looking at the Bitcoin price chart gives traders a pleasant feeling. First, it should be noted that the current price is pretty high $244.44, which means the currency managed to stay over the line of $240 per item.
However, what’s far more interesting is the daily price range that has a low of $239.92. Those that have been paying attention to the price movements this period know that a few weeks ago $239 was the high end of the price, not the low. Thus, that’s yet another positive value. The highest Bitcoin price for today, for now, is impressive $247.26; this value opens hopes for the currency to reach $250 very soon.
The year to date change, understandably, has fallen to -22.08%; only two days ago it was a bit higher -24.47%. Reaching $3.44 B from $3.33 B is the market cap, which noted a jump alongside the Bitcoin price. The volatility has calmed at 19.11%, while the volume has grown to 49,964.3.
Indicators Have Grown Stronger As Well
Paying a closer look at the indicators, traders can notice that they have grown stronger as well. Therefore, the 200-day SMA of $245.7423 has been breached and the 38.2% Fibonacci retracement resistance has been pierced as well. However, it’s crucial now the Bitcoin to sustain these positive values in order traders to see more gains.
The momentum is set at 14.1800 and that’s the highest number we’ve seen in more than a month. Also, the MACD has jumped to 2.2610 alongside the signal line that now has a value of 0.6425. Therefore, the histogram is still in the positive with its value of 1.6185.
Two other indicators that we love and that noted extremely positive values are the money flow index and the relative strength index. Their respective values are currently set at 79.3184 and 65.1523.
All these numbers signal that the following sessions would be accompanied by reduced volatility. The next milestone for the Bitcoin is definitely the $250 line, even though some more optimistic experts even say the target is $260.
Whatever the case, risky traders can try and go long, while regular market participants might want to wait for a drop before opening a long trade. In the end, we would like to point out that both the chart and the technical indicators are very positive for the Bitcoin and by the end of the week we might witness a new price surprise.