2016/10/12 10:36 PM
The bitcoin price has risen by $21 since our last price piece. The joy is spreading throughout the digital currency community, and enthusiasts are feeling the love. Some analysts seem to think that the fall of the Chinese yuan is responsible for this most recent rally.
Also read: How India May Cause a Massive Rise in the Bitcoin Price
One source explains:
“Bitcoin price staged a strong rally to break past the short-term channel top and aim for the longer-term resistance… Buyers are taking control of bitcoin price action… Moving averages are in line with the 4-hour bullish channel support at $610, adding to its strength as a floor. Bitcoin seems to have its sights set on the $650-655 area from here.”
Despite an air of positivity, this same analyst is predicting that bitcoin may once again enter bearish territory in the coming weeks:
“Bearish pressure could be returning as stochastic has already reached the…