The value of bitcoin was little changed over the weekend, as the market digested sizable gains Friday that pushed the cryptocurrency to nearly one-month highs against the US dollar.
The BTC/USD exchange rate was trading at $615.99 Saturday at 1:57 pm ET, virtually unchanged from the previous close, according to CoinDesk. The pair traded within a narrow range of $616.50 and $618.46. The BTC/USD is facing strong resistance at its current price level, which also represents the 100-day moving average.
The US dollar experienced large gains against a basket of other major fiat currencies this week, as investors grew more confident that the Federal Reserve will raise interest rates in the coming months. Traders are pricing in a nearly 70% probability of a December liftoff, according to the 30-day Fed Fund futures prices.
Bitcoin has advanced more than 1% against the dollar this week, reaching its highest level since September 11. The cryptocurrency has slowly regained momentum over the past three weeks following a series of wild swings that was partially attributed to single traders changing their positions. Individual players continue to exert are large influence