The price of bitcoin continues to rise after our previous price report yesterday afternoon. At the time bitcoin’s price smashed through the $10,000 region across global exchanges. The BTC rocket ship’s engines kept on going reaching an all-time high of $11,395 during the early morning hours of November 29. See also: How to Buy Bitcoin
Bitcoin Reaches $11,800 Across Global Exchanges
Bitcoin’s price upwards has been an intense ride as the currency has gained $2000+ in value over the past two days. At the moment one bitcoin has a weighted price average of around $11,100-11,200 on exchanges. Bitcoin trade volume over the past 12-hours has doubled reaching a feverish volume of $9.2Bn. The Japanese yen is taking its share, with 64 percent of the global trade volume. Meanwhile, the USD, EUR, and KRW have a vast majority of the rest of the trade volume pie as every other currency has less than 1 percent of the market share. Bitfinex is the top exchange on November 29 followed by Bithumb, GDAX, Bittrex, and Bitflyer.
Technical Indicators
Looking at the charts show during the November 28 overnight, bitcoin’s price reached $10,650 and subsequently had a flash drop to $9,940. Bullish pressure regained strength immediately after jumping back to the $10,800 region. Looking at the Simple Moving Averages today both the short term 100 and long-term 200 SMA still have a wide gap, but it seems like they may converge in the near future. The move towards these two trend lines crossing paths indicates a correction is likely in the cards. The Relative Strength Index and Stochastic oscillators also reveal a similar story as these two indicators reveal oversold conditions. If we see a pullback look for some strong foundations between $10,200-10,400. However, in the short term, breaking resistance above the $11,500 region is not too far off from sight. Order books show bulls have been cutting through sell walls like butter all night and they haven’t let up yet. Bullish sentiment may see resistance stops at $11,600-11,800.