Bitcoin is riding a price increase right now – despite the multiple rejections of ETFs by the Securites and Exchange Commission. The price of Bitcoin as of this writing is around $7053.00 (or 373,809 PHP) after peaking at $7100.00 (or 376,300 PHP). Just around a week ago, Bitcoin was near its support level at $6200.00 (or 328,600 PHP).
The price fluctuations come as all major cryptocurrencies aside from Bitcoin have experienced increases in value. This comes from Bitcoin’s price increase (when bitcoin goes up, most coins follow suit, but not when bitcoin goes up sharply, where most coins experience drops in BTC value).
In fact, most cryptocurrencies are up by around 30-40% of their value from 2 weeks ago. NANO, in particular, went up by nearly 400%.
While it’s still not clear if the “golden bull run”, or the massive price increase of Bitcoin by December, would happen, people are more optimistic about the cryptocurrency market. Technical Analysis would indicate it as well.
An inverse head and shoulders might be forming in the RSI Indicators of BTC. Even so, the head and shoulders pattern was also present in BTC’s chart at around July.
Not only that, short contracts are decreasing, while long contracts have been increasing as of late, signalling buyer’s expectation that Bitcoin’s price might go up soon.