Let's Talk... Hot Off the Press...
Bitcoin Price Blazes Past $2400 and Higher in Japan, India and South Korea
By Jamie Redman -
Bitcoin’s rising value continues to pick up steam this week by breaking a new all-time price high nearly every day. Currently, the global average is US$2400 per BTC, but the price is also trading at a premium of $2700 in Japan, $3050 in India, and $3150 in South Korea.
Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
Since our last price post just four days ago, bitcoin’s fiat value has climbed $400 higher to an all-time high average of $2405 across most global exchanges. The bull run is showing unstoppable momentum with a few pit stops along the way as bitcoin’s market cap is just a few dollars shy of reaching $40 billion. Alongside bitcoin, many altcoins are also gaining in value at an unprecedented level not seen since 2013.
Additionally, there has been significant demand coming from many countries globally, but in specific regions, the price is going through the roof. For instance, at the Japanese exchange Bitflyer, the price per bitcoin is trading at an average of $2700 at the time of writing. Moreover, most BTC/JPY exchanges are trading at this level. Another country that is pushing bitcoin demand higher is South Korea as prices are significantly above even Japan. The Korean trading platform Bithumb is trading BTC at a value of $3150 at press time. In India, bitcoin is trading at a premium for the past 48-hours as well, reaching $3050 on exchanges like Unocoin.
Weekly View Analysis
Weekly technical indicators suggest the rally may test ranges between $2500-2600 over the course of the next two weeks. As usual, the 100 Simple Moving Average (SMA) is continuing to stay well above the 200-term SMA which means buyers are still in control. Over the course of the week, there have been sharp downswings intermittently ranging from $50-150 drops at times.
Fibonacci retracement trend lines show some fluctuations as bitcoin’s current trajectory could slow up and may stabilize in the $2350-$2400 range temporarily. Both Relative Strength Index (RSI) and Stochastic oscillators show some bear traps could come at any moment in the short term. However, most technical indicators and rule books can be thrown out the window these days, as bitcoin’s rising price has surprised even the most experienced traders.
For More Information...
Go to... https://news.bitcoin.com/bitcoin-price-blazes-past-2400-and-higher-in-japan-india-and-south-korea/
No comments:
Post a Comment