The price of bitcoin (BTC/XBT) has spiked once again, reaching a new all-time high of $8,649 per BTC across global exchanges. A few days ago the price dipped below the $8K range, but subsequently rebounded to the $8200 region holding some stability. Now on November 25, markets have kicked into high gear pushing bitcoin’s value to new heights.
Bitcoin’s Price Touches a High of $8,649 Across Exchanges
Bitcoin is at it again surpassing all new price highs across global exchanges. BTC prices are hovering between $8,540-8,600 at 9:30 am EDT. At the moment bitcoin trade volume is roaring, as trading platforms are swapping roughly $4.4B USD worth of BTC over the past 24-hours. During the early hours of November 25, the price started climbing above the $8300 territory but didn’t stop there. The Japanese yen is still the dominating currency by volume, at the moment, followed by the U.S. dollar and South Korean won trailing behind. The top five exchanges trading the most volume this weekend include Bitfinex, Bithumb, Poloniex, Hitbtc, and GDAX. Although, bitcoin dominance is around 52 percent of the aggregated total of all cryptocurrencies, and this is due to a few altcoins gaining steam as well.
Technical Indicators
Charts look bullish, and buyers are in charge of bitcoin markets right now. While looking at the two moving averages, the 100 Simple Moving Average (SMA) and long-term 200 SMA are touching at the moment. The two trendlines converged when BTC prices dropped, but now a spread is about to take place, with the 100 SMA rising above the 200 SMA. This indicates the path to the upside is still in the cards. Stochastic is reversing northbound, showing market optimism is also in the air, and the RSI is following the oscillator’s path. Using Fibonacci retracement (golden ratio) at 61.8 percent shows bitcoin prices could reach $9150 in the near future. However, order books show some heavy resistance in the $9K region and we’ll likely see some sell-off at this point.
Digital Assets Markets In General
Markets Update: Bitcoin Bulls Push the Price Above $8600Cryptocurrency markets, in general, are also doing very well as many other digital assets are reaching new price peaks. Ethereum (ETH) is getting close to testing $500 support but is currently averaging $470 per ETH on November 25. The digital asset bitcoin cash (BCH) has also had an excellent week as South Korean markets pushed the price above the $1,700 territory this week. At the moment BCH markets are down 3 percent, with a price of $1,600 per token across global exchanges. The currency ripple (XRP) is up 3 percent today as one XRP is roughly $0.24. Lastly, dash has pushed litecoin out of the top five position reaching an all-time high of $620 as dash markets are up 10 percent. Litecoin (LTC) is up however by 11 percent and is $83 per LTC at press time.
The Verdict
Overall, market participants are very pleased with the price actions as most crypto-markets are in the green. The general market capitalization of all cryptocurrencies is steadily approaching the $300B USD mark, and could reach that point this week. Every digital asset is swapping over $12B in global trade volume every day, and this metric continues to rise.
Bear Scenario: Some bearish market sentiment could lead to BTC prices we saw yesterday in the $8,200 region. There’s small amounts of support in the $8,400 zone and $8,200 zone, and it would take a decent correction to plunge below the $8K region. If that happened to come to fruition expect some more decent foundations within the $7,900 territory.
Bull Scenario: Buyers own the market right now, and bulls are on a stampede. Traders need to break past the $8,700-8,800 region before they get closer to the $9K spot. There will be some solid resistance from the current vantage point on up. Prices could exceed $9K, and some Fib-retracement shows a top around $9150 for now.