The price of bitcoin has surged past $5,000 USD today, establishing a new all-time high. The major milestone comprises a complete reversal of the approximately 40 percent drop triggered by China’s cryptocurrency crackdown last month.
Also Read: Japan Emerges as the World’s Foremost Hotbed of Bitcoin Trading
The Price of Bitcoin Established a New All-Time High of $5219.1 USD at Bitfinex This Morning
The major price level of $5,000 has been emphatically broken this morning, as prices surged from $4,900 to over $5,200 in just two hours. At the time of writing, prices appear to be consolidating above the prior resistance of approximately $5,000 USD.
The new high comes just thirty days after after bouncing off the recent low of approximately $3,000 USD that was established following announcements of China’s recent crackdown on cryptocurrency exchanges. Despite the ensuing fear, uncertainty, and doubt that resulted from the sudden exit of major Chinese cryptocurrency exchanges from the bitcoin markets, bitcoin was able to make a strong recovery after bouncing off the major support area at $3,000 USD. The surge past $5,000 has left the 3-day stochastic RSI poised to cross the 80 threshold for the second time since August.
Changing Market Dynamics
Following the closure of several major Chinese bitcoin exchanges, Japanese trading volume has come to comprise approximately 60 percent of all bitcoin trading volume. The rise to dominance of the Japanese markets has largely displaced fears that China’s cryptocurrency crackdown signified the end of bitcoin’s bullish trajectory heading into the end of 2017.
The new all-time high has been established despite concerns from some elements of the bitcoin community relating to the Segwit2x hardfork which is expected to take place at the end of the month.
Do you think that the current bull trend will be affected if the Segwit2x hard fork takes place at the end of the month? Share your thoughts in the comments section below!
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