The price of bitcoin is once again breaking new all-time highs on Sunday, December 3, 2017. The decentralized currency has rebounded considerably as markets touched an average of US$11,800 after it dipped below the $10K region just five days ago.
Bitcoin’s Market Cap Is Steadily Approaching $200Bn
The bitcoin price train is moving northbound again, testing uncharted territories. Global trade volume has been high at roughly $5-7Bn traded every 24-hours for the past few days. At the moment one bitcoin is trading between $11,550-11,650 per BTC, and markets are up over 5 percent since yesterday. The top five currencies swapping the most BTC worldwide include JPY, USD, KRW, EUR, and USDT (Tether). Today’s trade volume is around $5.3Bn with Bitfinex, Bithumb, Hitbtc, GDAX, and Bitflyer capturing a vast majority of that share. Cryptocurrency proponents seem fairly optimistic right now as bitcoin has also helped push up the price of the top 14 digital assets, according to data website Coinmarketcap.
Looking at both the weekly and daily charts clearly indicates buyers are currently commanding the market action right now. Order books show two pretty sizable sell walls at $12K and $12250, so watch for resistance and sell-off around those price regions. Today the Simple Moving Averages (SMA) have a pretty extensive gap after crossing paths on December 2. Now the short term 100 SMA is well above the long-term 200 trendline which indicates the path of resistance is still on the upside.
Currently, RSI levels and Stochastic have started moving back north after showing signs of an oversold market and buyer exhaustion yesterday. If bearish sentiment sets in, order books show some strong foundations between $11,000-11,250 range. If the $11K region is broken, further sell-off could bring the price significantly lower into the $10500-10800 areas. If bulls manage to keep the pressure going, they have to surpass the resistance above and just below $12K, and it looks like they are attempting to tackle these zones soon…