Bitcoin Price Consolidates Above $700 After Re-Test of 2016 High

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The value of bitcoin declined Saturday, but remained supported above $700 after a post-election rally earlier this week.

The BTC/USD fell 1.4% to $706.42 at 12:48 pm ET, according to CoinDesk. The pair traded within a daily range of $703.88 and $717.76.

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A stronger dollar was partly responsible for the reversal in bitcoin’s fortune. On Friday, the US dollar traded at fresh nine-month highs against a basket of other major currencies, as investors continued to anticipate a US rate hike by the Federal Reserve next month.

Bitcoin has surged 11% against the dollar over the past month as part of a broad consolidation trend following mid-summer volatility. The cryptocurrency was also supported by continued buying interest from China, where investors are diversifying away from yuan-denominated assets. India is also a growing source of bitcoin optimism amid the latest rupee controversy.

Bitcoin tested 2016 highs earlier this month, reaching a settlement high of $742.46 on November 2. That was the highest since the June 19 settlement of $764.04.

Propelling bitcoin forward is growing awareness about its utility, especially as a risk-off asset. Investors, speculators and innovators are now eager

Read more ... source: TheBitcoinNews

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