Markets Update: Bitcoin Continues to Orbit higher than $3K

Our last markets update disclosed bitcoin’s value was very optimistic, testing the US$2700-2800 vary simply before the blockchain split on August 1. Since then an entire ton has modified because the value per BTC has skyrocketed past the $3K zone and is presently hovering higher than $3200.

Bitcoin currently Commands a $52 Billion capitalisation
The past seven days was a remarkable, and a awfully uncommon week for bitcoin investors and enthusiasts. On August 1 the Bitcoin blockchain split into 2 branches forming another network and token referred to as bitcoin money (BCH). At the time some bitcoiners assumed the value was attending to drop heavily when the onerous fork. However, the {value} failed to budge in the slightest degree because it continued to command a $2700 per BTC value following the split.

Three days later, on August three, bitcoin bulls began to rally onerous breaking the key $2800 resistance barrier. when this time, history was created on August five as bitcoin’s value continued to rise higher and better. Bitcoin’s worth surpassed the $3K zone to Associate in Nursing uncomparable high of $3340 across international exchanges. The currency is swapping $1B value of BTC trade volume per day and capturing a $52.6B capitalisation at the time of writing. It’s value noting that before the BCH chain arrived, bitcoin’s dominance was higher than the half vary, however currently despite the fact that within the $3200 territory dominance it’s right down to forty seven p.c.

Technical Indicators
Last week several traders believed a downtrend was coming back owing to the top and shoulders formation going down simply before the fork. However, bitcoin stunned these traders because the currency ascended higher and lots of futures traders UN agency set ‘short’ positions before the fork doubtless got burned. At press time the a hundred straightforward Moving Average (SMA) is well higher than the future two hundred SMA indicating the optimistic momentum ought to continue. within the short term, we are going to doubtless see some value consolidation before climb more. each the random and Relative Strength Index (RSI) show right away there is also some value oscillation for day commerce entries. The 24-hour chart shows there ought to be some value action within the $2300 vary because it are a key resistance purpose. Moreover, there area unit sell wall mountains the scale of Mt Mount Everest at the $3500 level.