Markets Update: Bitcoin’s Price Re-Captures the $16K Territory

The weekend is coming, and things are looking far more optimistic for bitcoin markets than the last two holiday weekends. BTC/USD market value has jumped considerably since it hit a low of $11,600 across global exchanges with the price now averaging $16,500 per BTC on January 5. Last week a bunch of tokens priced under $5 USD like ripple, stellar, and others had seen exponential rises while BTC markets moved sideways. Today’s BTC spike is seeing many of those coins dip in value by 15-20 percent.

The Big BTC Rebound Back to $16K

Bitcoin core markets have rebounded over the past two days as each token has gained over $1,000 in value per day. A few days ago when Peter Thiel announced he purchased millions worth of BTC the price jumped from the low $14,000 range to over $15,000 but remained stable until today. Other coins like NEM, ripple, and ethereum saw considerable jumps in value while bitcoin core markets bounced between $14900-15,200 during the last 48 hours. Today is a different story as BTC has risen to a high of $16,500 during the mid-afternoon’s trading sessions.

Today’s most popular trade on Shapeshift with BTC is ETH.

BTC trade volume is considerably strong with over $22Bn worth swapped over the past 24-hours. The most prominent exchanges holding the most volume today are Binance, Bitfinex, Bithumb, Bittrex, and Poloniex. South Korea’s Bithumb and other trading platforms in that region are trading bitcoin, ripple, and other digital assets at a premium. The USD is still the dominant currency traded with BTC at the moment as the currency captures 36 percent. This is followed by the Japanese yen (31%), tether (USDT 10%), the Korean won (10%) and the euro (5.6%). According to Shapeshift, the most traded cryptocurrency with bitcoin at the moment is ethereum.

Technical Indicators

Looking at the charts shows things are looking up for bitcoin core (BTC) markets on January 5. The decentralized currency reached a high of $16,500 but dropped immediately after to $16,300. The two Simple Moving Averages (SMA) have a very wide gap between the 100 SMA and 200 SMA, indicating bulls are in charge for the short-term. The Relative Strength Index (RSI) and Stochastic oscillators also suggest the path to resistance is currently on the upside.

At press time the price per BTC is $16,400 at 3 pm EDT.

Heavier resistance is currently forming in the $16,800 to $17K range so look for pit stops at these vantage points. On the back side if bears manage to drag the price down some order books show some foundations at $15,800 and $15,500 for the time being. Order books show a much stronger pattern of consolidation has taken place as there is a very strong floor at $15K that should hold for a good portion of the time.

Crypto-Markets Are About to Capture a $1 Trillion Dollar Valuation

There is a mix of action happening as far as other digital asset markets are concerned today. As mentioned above most of the coins that have risen considerably while BTC remained stable are now suffering from price corrections…

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