Bitcoin Breaks Out of $630; Will it Hit $650?

What began as a slow month turned into quite the ride for the world of Bitcoin trading, as we saw a near to $30 increase during the first two weeks of October. It seems that the bull predictions are finally coming true, as the value of Bitcoin has been on a steady rise thus far. But will the current wind prevail we are yet to see in the upcoming days.

What’s truly interesting is that while the price was expected to rise over the $620 mark for nearly three days, yesterday morning we saw a high boost in volatility that lead to a $15 jump in only 2 hours. And with the current state of the market, it’s hard not to hold the excitement and wait for a longer-term bullish pressure.

The boost came almost instantly yesterday morning, when the price jumped from $616.97 to $632.53 and has been rising slowly ever since. With such a interesting spike, what’s really on everyone’s minds right now is whether we will see the price keep going upwards?

Is Bitcoin Up for Another Boost?

After almost 2 months of being stuck within a tight trading range following the Bitfinex hack, we can finally say that the trading situation has recovered from the fright that was the aftermath of the attack.

The current market situation shows little signs of reversing, with a trading trend that, for now, seems inclined towards keeping the price stable. The price jump normally brought on a market cap that hasn’t been recorded for quite some time – $10.2 billion. However, volume wise, there haven’t been many drastic changes as the trading volume value has been stuck in the $75 – 100 million range for the past 48 hours, currently amounting $78,881,200.

As per our technical analysis, the moving averages show that the bearish pressure is still going on, with buyers keeping their grip on the market. The SMA 100 is still going over the SMA 200, indicating that the buying trend is continuing its push, which can be confirmed by the buying signal that 8 out of 12 moving averages are sending.  However, looking at the technical indicators, the overall signal is a strong sell, which indicates the risk of a bearish wind taking over the market. Out of 12 indicators, 6 are pro-sell, with the STOCHRSI(14) even indicating that the currency is oversold.

With the current mixed situation, we can only wait to see whether the market will be taken over by sellers. If it doesn’t, we might once again see a push beyond $650 soon. But for the time being, vigilance is advised.

Smithsonian Exhibits Bitcoins

In other interesting news, visitors to the Smithsonian were for the first time able to learn more about the cryptocurrency in the museum’s Value of Money exhibit. As its name suggests, the exhibit is a retrospective on how money has evolved and changed throughout the history of human society, and Bitcoins were included as the latest monetary concept in the timeline.

Even though Bitcoins are only given a small section describing the cryptocurrency and its generation, it is still interesting to see it on display at the Smitshonian. However, visitors who are introduced to it for the first time, might not feel its current value, as the display shows a price chart from 2014 and fairly outdated concepts. Yet, it is still a notable mention.

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