The price of bitcoin continued to hold above $600 Wednesday, as the market consolidated in a familiar range after a series of sharp fluctuations earlier this month.
The BTC/USD exchange rate was last down 0.2% to $603.40, according to CoinDesk. It traded within a narrow daily range of $602.27 and $604.76. Price activity has been much less volatile this week, signaling that large investors remained on the sidelines.
The BTC/USD is currently trading right around the 21-DMA. A further acceleration above current levels could provide a short-term boost that would lead to a retest of September highs above $620.
The US dollar was trading slightly higher against a basket of other major fiat currencies. The dollar index inched up 0.1% to 95.55, putting it on track for its second consecutive gain.
Needham Company, a New York-based asset management firm, recently forecast that bitcoin would reach as high as $848 in the short-term, up from a prior estimate of $655. The BTC/USD has already traded above $700 this year before negative news events dragged the digital currency lower.
Bitcoin’s ledger technology has created new opportunities for traditional financial players to boost transparency and enable easier cross-border