During our last markets update cryptocurrency markets were wild with energy, as bitcoin’s (BTC) price dropped below the $6K range last weekend. Since then the decentralized currency’s market value has rebounded and is averaging around $7,125-7,200 on Wednesday, November 15. Last week when the price per BTC plunged the digital asset bitcoin cash (BCH) spiked in value reaching an all-time high of $2,400 per token. BCH markets has dropped since then as the price per BCH is hovering around $1,230 this week.
Bitcoin Prices Rebound Back Above $7K
Bitcoin prices have bounced back from last week’s 30 percent dip as the currency has pushed above the $7K range on November 15. Last week both bitcoin (BTC) and bitcoin cash (BCH) markets had an exciting market correlation, but that relationship has since changed. Right now there are not that many reasons out there, at least within the community, that explains why bitcoin’s price bounced back. Some speculate that it was CME’s announcement explaining that the firm’s futures markets will be coming this December. Further, during the extraordinary value percentage dip the former Fortress macro-investor, Mike Novogratz, admitted to purchasing $15-20M worth of bitcoin this past weekend. Some believe the statements from Novogratz and his claimed purchase may have helped push the price back up.
BTC Technical Indicators
Charts show the decentralized currency is consolidating at the moment before it makes its next move. Order books across popular exchanges indicate there’s some heavy resistance above the $7350 range, and even more so above the $7600 territory. Presently, the short-term 100 Simple Moving Average (SMA) is above the long-term 200 SMA indicating the path to the upside may not prove too difficult. The Relative Strength Index (RSI) is meandering above oversold conditions while the Stochastic oscillator is revealing similar findings. According to the Fibonacci extension tool at 50 percent, the price could top $8,200 while the connected lines at 61.8 are well above the $8,600 territory. If bears manage to squeeze the market again, there are strong foundations between the 6800-6900 range. However, a panic sale could easily drop prices to the $6,500 region where there is more support…