Bitcoin prices have risen generously over the last day to revers what seems like a month of bearish movements. Hitting lows of $7400 earlier this week, prices have moved to higher ranges of $8500 ( at the time of writing).
As seen on the graphs below, bitcoin prices have looked down for the majority of the month, but this week has seen markets rear up showing hopes of a potential recovery.
To conclude, the prices of bitcoin have exploded over the last 24 hours jumping well over 12%. While the short upswing is not indicative of a complete trend reversal, many bitcoin holders can breathe a sigh of relief considering prices were teetering off the $7.4k mark just earlier this week. Many analysts have emphasized against placing traditional sequences against crypto markets as many do not apply and accuracy when applied to the fluid markets remains comparably lower.
Over all bitcoin prices are set to remain over $8000 for the next seven days considering trading volumes are over $7 billion. Furthermore, following current trends, if prices remain over the $7900 price range, we may see a short term reversal that could support higher price points for a number of weeks fueling markets to reach a the target of $10000. Currently conditions are suitable to purchase bitcoin, but inline with current volatility we may see a brief return to $7800 if prices continue as resistance remains high at the $9100 point on a number of exchanges.
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Disclaimer : BTC.NG or the author can not be held responsible for any losses incurred. The article does not constitute trading advice and users are advised to trade responsibly as losses can exceed deposits.
