Bitcoin prices have been climbing significantly over the past week as we saw prices rise from the ashes to current figures of over $10k. The week began with prices coasting along the $8k range, but confidence has been building as no major announcements come from South Korea and other Asian nations. Furthermore it seems the countries appetite has grown significantly as total trading volumes exceed $9 Billion.
As seen on graphs below bitcoin prices have been enjoying a brief moment of respite this week.
“Bitcoin $11,000. Had a talk with a huge investment management firm the other day. It didn’t take long till they started asking me crypto questions. Started taking notes. What do the coins do. How does it work. Trust me the big players are watching,” – investment advisor Ross Gerber
While the prospect of a trend reversal appears to be manifesting, it is still early days when gauging a complete reversal. While some see prices jumping back, realistically many analysts have cautioned users advising small purchases before prices hit $13k to signify a stronger foothold. Trading volumes currently reflect support at the $10k level slightly rocky and only time will be able to tell if current growth is sustainable. If prices fulfil the target of $12500 within 2 weeks, analysts predict a swift movement to the $15k price range for a few days in line with past price movements.
To conclude bitcoin prices have been recovering nicely over the past week reaching prices well over the $10k benchmark. While the month has been tough for markets reacting negatively to potential calls for regulation from a number of countries including South Korea, and India which remain some of the biggest bitcoin consumers, traders have regained confidence temporarily as exchanges in the nations remain open and relatively free to use.
Disclaimer : This article is not meant to replace trading advice, BTC.NG or the author can not be held responsible for any financial loss.