Yesterday we predicted that the Bitcoin would probably go over the $350 mark this week. However, what we didn’t see coming was the huge jump the cryptocurrency noted today when it reached $375 per coin. With the current positive trend of growing value, we just saw the price of Bitcoin climb above the $400 mark for the first time
Besides this excellent news for Bitcoin traders, there was another interesting research by CNBC, which predicts the digital currency would be the 6th largest reserve currency by 2030. This information possibly affected the growing price of the currency since it makes people hopeful that the Bitcoin will get to be used as widely as the Australian dollar or the Swiss franc.
However, in the past hours there have been bad news too, which didn’t seem to affect slow down the Bitcoin price positive movement whatsoever. Turns out, the Taiwanese Financial Supervisory Commission decided that the Bitcoin should be illegal in the country and thus prohibited its citizen to buy or sell the digital currency.
Bitcoin hits another milestone
Since yesterday the Bitcoin trading price was moving around the $330 line and currently its value is much higher $375.49, it can be concluded that the virtual currency had the power to breach $400, but the milestone came earlier than expected.
The day price range has improved over the past 24 hours pretty much too. Therefore, in comparison to yesterday’s low of $307.51 and high of $334.35, today we have a low of $318.54 and a high of $375.97.
The year to date change soon will go over 20% and currently is set at high %19.66, while the market cap is blooming at $5.28 B. The volatility is still stable at 17.21%, whereas the volume once again noted an incredible jump and reached 201,797.
Technical Indicators Suggest Further Price Growth
Another sign that the $400 threshold was soon be reached is the strong buy signal by the technical indicators. One alarming value is seen at the 14-day RSI; its value is too high 75.102 and suggests that there’s overbuying, which could negatively affect the Bitcoin price. However, we had a similar situation a week ago and that worked out well, so there isn’t a reason to worry too much.
All other indicators such as MACD (8.140), CCI (107.2620), highs/lows (4.5359), ROC (3.852) and bull/bear (11.8510) suggest that buying Bitcoins is the smartest move right now.
Same as yesterday, all moving averages signal that traders should buy. All simple and exponential moving averages have grown overnight and, for example, the 200-day and 100-day SMA have values of $304.71 and $315.79; in contrast, these values yesterday were lower $298.70 and $309.67.
With these numbers in mind, we can set the intraday support level at $350, while the intraday resistance level at $400.