[2016-01-08]Daily Bitcoin Price Analysis: How Far Will A Bullish Trend Go?

The Bitcoin price has overcome the level of $450 and reached a top of $460 recently. Bitcoin is growing the second day in a row. But what caused this growth? As it began yesterday the indices halted trading on the stock exchanges of Shanghai and Shenzhen. This is not the first time when a sharp decline in the value of shares has stopped trading on the stock markets in China. The reason was a substantial decline in exports, which entails a decrease in the index of Shanghai Composite, which since mid-June 2015 has lost 35%. Despite the measures taken by the Chinese authorities to influence the state of the economy, the government could not achieve the desired effect. To keep the situation under control Chinese authorities spend foreign exchange reserves, which are reduced by $100 billion per month. As a result of the devaluation of the Yuan, it leads to the outflow of capital from the country. Following the fall in share prices on Chinese stock exchanges, there began a sharp decline in European and American stock exchanges. It is possible that the fall in the stock exchanges of China has caused a sharp increase in Bitcoin price now, which is namely seen during the Asian session.

http://cointelegraph.com/news/116019/daily-bitcoin-price-analysis-how-far-will-a-bullish-trend-go

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