This week was an exciting week for the Bitcoin market. Price was intent on going up, making it to a top 0f $ 423 on Western exchanges, and up to $ 442 on Chinese exchanges. The last time price was at these levels was in 2014, October, before a plunge to $160 low in late January.
Bloomberg Business ran with the title – “Bitcoin Is Suddenly Surging Again, and there are various theories behind the rise”
If you have been reading our weekly bitcoin price analysis, this market action was no surprise. Here is a recap.
After consolidating at $296 last week, price resumed its upward momentum, heading up to $ 345, consolidating, and rising up to current price at $ 425. On its way up, it had to overcome exponential moving averages putting up resistance, completely turning around the short term average trend line – a parabolic trend.
$316 level, a strong resistance level from January, has repeatedly pushed down on price 3