The bitcoin price is showing vital signs of life all of a sudden. Up until this point, very few trades occurred over the weekend, although today could prove to be different. With a price increase of US$35 in a few minutes, the bitcoin market is on edge to see what happens next. Moreover, this further confirms the ETF rejection has done nothing to stop bitcoin’s momentum right now.
Surpassing US$1,200 Once Again
The past few days have been quite turbulent for the bitcoin world. With many people pinning their hopes on the SEC approving the rule change for a bitcoin ETF, a lot of BTC had been bought in anticipation of this glorious moment. A lot of dreams were crushed when the SEC announced they have no intention of approving the rule change or facilitate a cryptocurrency ETF by any means.
As one would come to expect from that announcement, the bitcoin price took a sharp nosedive. Then again, the price per bitcoin also proved to be quite resilient, as it did not stay below US$1,000 for all that long. Things have been different in this regard in the past, where any type of bad news could send the bitcoin price plummeting by double-digit percentiles in quick succession. For some reason, bitcoin’s price remained quite stable and a lot of the losses have been recovered already.
Fast forward to today, and the bitcoin price seems to be moving up once again. It is rather unusual to see any exciting price movement take place over the weekend, as that is usually a “boring” time for bitcoin traders. Today is proving to be slightly more excitable, though, as bitcoin surpassed the US$1,200 value once again. It was only a matter of time until this trend would materialize, although no one knows for sure when it would happen. A free market will move at the oddest of times, that much is evident.
Although this may only be a temporary price trend – there is little trading volume to support this price increase for the time being – it goes to show bitcoin’s potential for a future value increase should not be underestimated regardless of the SEC decision, bitcoin remains a transparent and global way of storing and transferring money without oversight or control by banks and governments. To some people, financial freedom is worth a lot of money, and bitcoin is the vehicle to achieve that goal.
Many traders saw the US$1,200 mark as a point of resistance, although that seems to have been broken with relative ease. Rest assured there will be a lot of people looking to push the price down for the next few hours. Unless a lot of buy support arrives on the order books, bitcoin will go sub-1200 very soon again. Then again, any value gains over the weekend are worth taking notice of, regardless of how long they may remain in place. Bitcoin is undervalued as it is already, and the potential for future gains is very real.
In the end, it will always be a mystery as to why bitcoin’s price is moving at certain times. Predicting a free market is virtually impossible and technical analysis can only help so much. A free market will do its own things and throw curve balls at traders when they least expect it. Whether or not this upward price trend can be maintained, remains a big unknown. It is good to see bitcoin around the US$1,200 mark again, though.
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