After two weeks of high trading volume and price increases, Bitcoin is now stabilizing around $5,200 – the same level it established during last week. Following a peak of interest, the cryptocurrency’s daily volume has almost halved but the bullish momentum is still continuing, giving hope to traders expecting new gains. And as the market signals confirm, those hopes aren’t that unrealistic.
As Forbes reports, now that the “crypto winter” is over, Bitcoin is looking good and seems obviously headed for new price increases, with $6,000 being an “easy target” while $10,000 also possible by the end of the year. According to Clem Chambers, an analyst at Forbes magazine, Bitcoin is heading to conquer a share of the safe-haven-asset market as it’s currently eating into the interest in gold, well, at least in the United States.
As the analyst concludes, Bitcoin and other cryptocurrencies will continue to share the top spots with gold as risk assets in the future, which could significantly drive the price up. Even if Bitcoin manages to take a 20% share of the flight capital market, it will be able to surpass its record price point of $20,000.
No Sign of Bears, Yet
Despite showing promises of establishing a new higher support level, Bitcoin’s price actually reverted back to its last week’s high as the trading volume began to subside near the start of the weekend. The highest price reached during this period was $5,342.68 on Thursday while the lowest point was hit the next day on Friday, when Bitcoin touched a USD price of $4,972.19.
Another thing that dropped down along with the price last week was the 24-hour trading volume which fell from a high $15 billion to a low point of only $10 billion in a few days. However, since this morning the volume has been rising again, currently sitting at $12 billion, while Bitcoin’s market capitalization ended up at $92.4 billion.
As our technical analysis shows, Bitcoin is still bullish, with 9 out of 12 technical oscillators and 9 out of 12 moving averages being pro-buy and sending green signals. The SMA 100 is still over the SMA 200, showing us that the path of less resistance is upwards. As evident by the increase in volume and the strong bullish sentiment, Bitcoin won’t be testing its $5,160 support soon but looks headed for a break over $5,270 as bulls keep pushing.
$1 Million Bitcoin Treasure Hunt Appears Online
In other notable news from last week, a new treasure hunt called “Satoshi’s Treasure” has appeared online with a value of $1 million in Bitcoin. According to Futurism magazine, the treasure hunt was designed by a group of tech individuals which has hidden the keys to a rich Bitcoin wallet and set up clues on how to get to them. The name of the game is just a nod to Bitcoin’s inventor and doesn’t actually imply that the money comes from Satoshi’s huge treasure that still sits idle.
The first clue was released on Monday and by yesterday there have already been 6,000 people that joined the hunt. According to one of the co-creators of Satoshi’s Treasure, Eric Meltzer from Primitive Ventures, there are a variety of clues in the game, some of which are math problems while others logic puzzles and challenges like you can find in similar scavenger hunt-type of games.
Reportedly, there are 400 fragments of the treasure hunt that any player has to complete before s/he gets to the final key. Whoever finds it, gets to walk away with the $1 million wallet.