The price of bitcoin has once again crossed another all-time high reaching an average of US$1240 across global exchanges, before climbing to new heights above $1250. Bitcoin’s value had already met parity with the price of one ounce of gold and had also beaten the December 4th, 2013 Mt. Gox ATH price of $1242.
Bitcoin’s incredible run up has continued to chug forward many believe the spike is due to the March 11 SEC decision for the first bitcoin exchange-traded fund (ETF). During the morning before the new ATH, the price per BTC had consolidated in the $1235-40 range moving in a steady upward motion. If the price goes south, there is strong support around the $1180-1200 range, but nothing suggests a bearish decline at the moment.
Technical indicators show sellers are keeping things interesting, giving room for intra-range and day trading techniques. At press time the 100 Simple Moving Average (SMA) and 200 SMA show a significant divide signaling the possibility of more upswings from buyers. The Relative Strength Index also shows bullish conditions may continue as momentum builds. In other countries, bitcoin price spreads are higher than the global average which shows strong demand. For instance, the South Korean bitcoin exchange Coinone shows an average of $1280 per BTC but one quick price spike brought the price to $1880 USD around 14:30 Beijing time.
Full story at http://bit.ly/2lOFLUN
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