Bitcoin Rally Continues; Highest Price in Two Months

Many people gave up on the Bitcoin after it fell under $200 per coin. However, the cryptocurrency showed its undeniable strength in the past several weeks when it started moving in a positive direction. Today, we witnessed a new record high of more than $272 per Bitcoin, news that many traders welcomed with a smile on their face.

Only three days ago the currency noted an important jump and crossed the $250 border. However, nobody believed that only in two days the Bitcoin will manage to note such a big improvement of its value and go over the $260 threshold.

However, surprising or not, we’re in a situation in which we have to take a look at the price chart and see how things changed in the past 48 hours.

Bitcoin Moves Breaks $270 Line

Since Wednesday the Bitcoin has been constantly growing and on Thursday it reached a value of $256 per coin. That was when experts became aware of the possibility for the currency to reach the $260 mark even before next week starts.

That amazing thing happened Friday morning when the Bitcoin reached $260.11 and with it the $260 milestone became a history. Currently, the trading price of the Bitcoin is $259.95, but the currency repeatedly goes below and over the $260 mark.

Yesterday’s opening price was at much lower $251, while the day’s low is $262.70. The highest Bitcoin value the cryptocurrency managed to note in the past 24 hours is $260.14. These numbers show a positive change in the price of $5.10, which resulted in an increased market cap of $3.64 B. At the time of this writing the market consisted of 14,703,025 Bitcoins. Today the price even surpassed $270 per coin for a brief period.

The volatility is still around the 18% line, currently set at 18.38%. The volume has finally gone up a bit and at the time of this writing reached 37,790.22. As you may remember, we already talked that it’s worrisome that the price has jumped, but the volume failed to do the same. Therefore, it’s positive to see the volume finally improving a bit.

Current Price Breached 100-day and 200-day SMA

Both the 100-day and 200-day SMA were breached by the current price of the Bitcoin. The 100-day SMA is $257.11, while the 200-day SMA is 255.81. The 30-day SMA has finally jumped and now is set at high $259.32. Another positive thing we can notice at these indicators is that both the 30-day SMA and the 100-day SMA are better than the 200-day SMA. This shows the progress the Bitcoin has made during the last several months.

The relative strength index is moving around the 50 mark, with a current value set at 49.99. Two days ago this indicator was over the 60 line and that may be a signal to be careful when opening any trades.

Finally, the intraday support level is $265, while the intraday resistance level is the Bitcoin’s next milestone of $270. Traders with the cryptocurrency should consider placing stop-loss orders around the $263 mark when trying to hit the medium term target of $265 flat. All in all, the bulls are leading once again and if this trend continues we may even see the Bitcoin getting close to the $280 threshold as soon as next week.

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