Bitcoin prices have had a strong run so far and following mixed Chinese news, the current week comes to a close with Bitcoin prices at highs not seen for months. Currently Bitcoin prices are at a comfortable level of $718.
As seen below, Bitcoin prices have remained buoyant over the weak reaching levels of over $750 but unable to hold at this high price range due to a dip in trading volume. While the graph reveals a current price drop of around 4%, it should be noted prices remain at premiums especially against the weak Yuan and prices of $931 remain present against the Indian rupee.
To conclude while Bitcoin prices have taken a small dip as of time of publishing, prices are still comfortable above the $700 level. Prices will remain at these levels for a considerable amount of time as support is huge with the backing of millions of dollars. In the long term the trend has clearly been established as bullish as prices are on the up with periods of market correction allowing for holders and investors alike, to control prices within reasonable limits. Currently I would give the Bitcoin a strong buy signal as it is hoped the strong exchange rates against fiat currencies will allow a quick recovery by next week which should see prices head upwards of $750.
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Disclaimer: Prices correct at the time of publishing. BTC.NG cannot take responsibility for any financial loss incurred from advice given in this article. Losses can exceed deposits so please trade responsibly.