Bitcoin Reaches an All-Time High of Eight Grand Per BTC
Bitcoin (BTC) markets have been surging today and surpassed $8K per BTC on November 19, 2017, at approximately 1:00 pm EDT. The price spiked just nine days after the Segwit2x working group canceled the 2MB hard fork. This past weekend bitcoin’s value dropped below the sub-$6K region, after experiencing an interesting market correlation with bitcoin cash (BCH) markets. At the time BCH markets reached an all-time high of $2400 per token, but the tables have since turned. Bitcoin’s value started riding back up on November 14 and has continued to rise since. BTC trade volume is decent as roughly $2.8B worth of BTC has been traded over the past 24-hours. Over the course of the past 12 hours, bitcoin markets are up 10 percent while altcoins are seeing percentage increases as well. A few days before, the digital asset came awfully close to the $8K region twice but stopped short at $7,997.
Technical Indicators
Right now technical indicators show some resistance above $8,200 range, and there may be a touch of sell off at this vantage point. The 100 Simple Moving Average (SMA) is still well above the long-term 200 SMA, as both trend lines have remained consistent since our last price analysis. This means after breaking some upper resistance, the path to the upside will likely keep steady with these two trend lines spread. Oscillators such as the RSI show oversold conditions, while the Stochastic shows more upside possibilities. Order books show after moving past the $8200 territory, the price could easily see some smooth sailing to the $9K region. Fibonacci retracement at 61.8 indicates a high of $8700 is obtainable in the short term. If the price experiences some extreme sell-off after the $8K highs, then prices could find a home back in the $7600-7800 territory.
https://news.bitcoin.com/the-price-of-bitcoin-exceeds-8k-across-global-exchanges/