Bitcoin Price Breaks $4,500 Resistance in Wake of China’s ICO Ban

Bitcoin enthusiasts will be pleased to learn the price is finally making some moves in an upward direction. More specifically, the Bitcoin price has surpassed the US$4,500 mark once again, even though yesterday looked like it would be another bad day for BTC. Now that the price is trying to stabilize around US$4,500, the push toward US$5,000 and higher can continue unabated.

Bitcoin Price Moves Up Again

After a few days of negative Bitcoin price pressure, things are finally heading back in the right direction. More specifically, the Bitcoin price dipped well below US$4,100 just yesterday, but it looks like this dip is all but forgotten at this point. With the Bitcoin price heading back to US$4,500 and higher, things are finally back on track to set a new all-time high in the coming days. It looks as if the cryptocurrency market is shrugging off the China ICO scare, which never affected regular cryptocurrencies in the first place.

Although it appeared as if the Bitcoin price would dip below US$4,000 yesterday, this sudden reversal is a positive development. After all, it has proven impossible to keep the Bitcoin price down for an extended period of time. We have seen similar ups and downs in the Bitcoin world over the past few years. It is believed this volatility will continue in the coming years as well. However, if the charts are to be believed, we will see higher lows along the way. Right now, a low of US$4,100 or slightly below is a lot higher than the previous dip which took us near US$2,000.

This positive momentum has pushed the Bitcoin market cap back above US$75 billion, which is a positive sign. After all, the market cap dipped quite a bit these past few days as well, but things are slowly bouncing back on all fronts. Thanks to US$2.3 billion in 24-hour trading volume, the Bitcoin price will continue heading upward for quite some time to come. The first order of business will be finding a stable price point around US$4,500, though, as it is still possible this is just a temporary bounce.

Not too much has changed in the top 10 exchanges in terms of trading volume. Bitfinex is clearly dominating the charts with its US$208 million in volume, followed by bitFlyer with US$102.2 million. No other exchange is generating over US$100 million in volume, which was very different from yesterday. Surprisingly enough, there is not one altcoin-related market in the top 10 for the first time in recent weeks. All of the markets are dominated by fiat currencies, as even the EUR market made it to #10. Ironically, the first altcoin on the list is USDT, which is theoretically still a representation of the U.S. dollar.

It is always interesting to see how China values Bitcoin compared to the rest of the world. As of right now, the Bitcoin price is more expensive in the USD, EUR, and KRW markets compared to China. In fact, BTCC, Huobi, and OKCoin all value Bitcoin at US$4,330 or slightly higher. That in itself is pretty interesting, as Chinese traders often paid a premium compared to the rest of the world until very recently. Right now, it seems the rest of the world is paying a premium price for Bitcoin compared to China. That is a rather surprising development, although the price difference will ultimately resolve itself.

For the time being, most people will keep an eye on the charts to see if the Bitcoin price can stabilize around the US$4,500 level. So far, that seems to be happening according to plan, although one never knows what the future will bring. It is evident we may see the Bitcoin price heading back toward US$5,000 at some point, although it remains to be seen how things will evolve in the coming hours and days. For now, things are looking quite good for the world’s leading cryptocurrency.

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