Bitcoiners woke up to a pleasant surprise on Tuesday, May 9 as the price per bitcoin once again touches new levels. The decentralized currency continues to trade higher as bitcoin’s fiat value is currently up over 15 percent with an average price of US$1720 per BTC.
Bitcoin’s Price Ups the Stakes Soaring Past $1750
Just when traders thought the rally was getting exhausted, bitcoin’s price pushed up once again after remaining stable in the $1520-40 range for roughly 72 hours earlier this week. During the early hours of May 8 coincidently after the French election, bitcoin’s price shot up above the $1600 range and continued to climb all day. Now bitcoin has hit another all-time high touching $1750 per BTC at 8 am EST.
After last week’s breakout to a high of $1620 on Bitstamp, bitcoin’s value subsequently dropped one hour later to a low of $1445. Following the dip, the price consolidated above the $1500 mark as buyers stepped off to the sidelines. The bull market is now charging full steam ahead as it seems buyers are playing their cards again hoping for winning hands and bigger gains. Along the way, the price has been shaky bouncing 20-40 in price at any given time giving plenty of room for intra-range strategy.
Weekly View and Short Term Indicators
Technical indicators show after bitcoin’s consolidation pattern buyers have regained confidence and stepped back into the trading atmosphere. Trading has been incredibly bullish as 24-hour bitcoin trade volume has been showing $1 billion USD worth of trades per day. There seems to be very little resistance on the upside until the $1750-1775 range where there are giant sell walls across order books. The 100 Simple Moving Average (SMA) is still well above the long-term 200 SMA indicating the upside motion should continue. Stochastic and Relative Strength Index (RSI) indicators are at odds with each other at the moment, as the first indicator shows overbought territory, while the RSI shows more bullish sentiment. Meanwhile, most traders are concentrating on Fibonacci ratio data as bitcoin’s price trajectory is well above what technical indicators in the past few weeks expected.
Altcoin Markets Decline
As far as the top ten cryptocurrency market caps below bitcoin, most all of them have seen price dips over the previous 12 hours. Ethereum (ETH) prices have dropped to a low of $88 per ETH, but still holds $8 billion in market capitalization. Ripple (XRP) has seen an enormous jump over the past 48 hours as the price hit an all-time high of $0.23 cents per XRP. The Ripple market had also temporarily eclipsed the Ethereum market for a short period taking the number two position. However, Ripple’s prices have since dipped to a low of $0.17 cents per token.
The rest of the coins in the top ten are seeing price declines between 5-30 percent over the past 24 hours. Litecoin (LTC) is $27, NEM $0.11, Dash $90, Ethereum Classic (ETC) $6, Monero (XMR) $28, Stellar (XLM) $0.02, and Steem is back at $0.80 per token.
Overall bitcoin’s price trajectory seems to be moon-bound as many hope it could rise into the $2000 range this year. Bitcoin proponents are watching developments in Japan closely as the country now captures a considerable portion of bitcoin trade volume worldwide. Meanwhile, mainstream investors and well-known news outlets are highlighting bitcoin’s price performance regularly. No one knows what’s next but bitcoiners are undoubtedly celebrating the ‘Bitcoin Spring’ as the significant price rise in May is definitely a milestone for the digital currency’s history books.
Bear Scenario: At the moment if a big sell off occurs books show strong support in the $1625-1650 range. The price of bitcoin has been volatile, and there will be a slew of shakeouts with the price being so high. Technical indicators have been helpful for some short-term predictions, but long term predictions paired with past results have been fallible.
Bull Market: Bitcoin’s price could break above the $1800 mark in the short term, but there is significant resistance in the $1750-1775 region. Similarly, long term predictions at the current rate have been futile, and the only consistent indicator lately is the Fibonacci. Analysts, speculators and other traders do believe bitcoin’s price trajectory could top $2000, but anything could happen in the meantime depending on news and exchange liquidity.
What do you think about the price of bitcoin breaking $1700? Do you think bitcoin will hit 2K per BTC? Let us know in the comments below.
Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”