This week has been fairly stable for Bitcoin markets all over the world including china. A breath of fresh air, bullish sentiments have been attributed to Trumps inauguration which may have pushed many into Bitcoin use as trumps economic policy is predicted to hurt prices of fiat in connection to foreign policy aims in the Middle East.
As seen in the graph below, Bitcoin process have increased significantly over the past 24 hours compared to market volatility which saw prices dip to sub $800 levels at points during the week. However prices were maintained above the 800 level and have grown to current prices of $926. Signalling a slow and steady climb again to the high of $1100 seen early in the month.
To conclude currently Bitcoin markets do remain vulnerable to a fall back to $900 levels. Currently support remains particularly strong around this price point on a number of exchanges so sub 900 values shouldn’t be seen in the short term for 3-4 more days. As markets recover from a volatile week previously, it has been pointed out that Trumps inauguration may have provided markets the boost they needed to recover and gain 2.26% in value over the past 24 hours. This does provide Bitcoin markets potential to move up around 1% in the coming week as steady growth is likely considering trading volumes have increased to over $112000000. Analysts put a buy signal on the cryptocurrencies which may change to strong buy if levels above $900 are held for a week.
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