Following ten months of downtrend and a decline low of $275 the price of Bitcoin is back above $400 and advancing steadily. CCN has been following the decline on a daily basis and our analysis called the bottom at $275 last Sunday. Be sure to stay tuned to CCN for blow-by-blow Bitcoin price analysis and daily target updates.
The Bitcoin price’s return above $400 is a sign that traders are confident in Bitcoin again.
The advance from $275 looked like it would inevitably turn down – as it had on so many previous occasions during the decline.
However, last night price touch the critical $400 level in the Bitstamp chart, retreated for a run-up and finally broke through the $400 price level midway through the Asian trading session.
At the time of publication Bitcoin is trading around the $400 price level and looks set to continue higher once it has completed a small degree correction.
The Google Trends chart on the right shows Bitcoin search interest increasing after a slump during the past months of decline. Public and corporate interest is on the rise again, and in the past there has been a direct correlation between search interest in Bitcoin and price increase. The graph says Bitcoin is going higher from here on out!
Be sure to get Bitcoin price updates in CCN’s daily analysis articles.
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Readers can follow Bitcoin price analysis updates each weekday on CCN. In-depth analysis articles are published every Sunday.
The writer holds a small amount of bitcoins. Take care when trading a volatile market like the Bitcoin price. CCN accepts no liability whatsoever for losses incurred as a result of anything written in this Bitcoin price analysis report.
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Bitcoin price charts from TradingView.
Images from Shutterstock.