Bitcoin back above $ 1,000, but for how long?

 

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The price of Bitcoin has risen above $ 1,000 for the first time in a month in Friday’s session. But for how long?

The price fluctuated around the level at the beginning of the session before boarding and break the resistance at $ 1,000, reaching a high of over $ 1020 before stabilizing around $ 1011 at the time of writing, according to Bitstamp listing.

The return of the price of Bitcoin above share $ 1,000 after breaking the January raises the question of what will last the price above that level. For some analysts the cryptocurrency is set to continue on his way towards a more significant resistance before you can really find support at share $ 1,000.

Bitcoin back above $ 1,000: for how long?
The traders’ willingness to unload positions and take profit will be a relevant factor to be observed in the coming sessions. In many, in fact, they may wish to sell at a price of bitcoin between $ 1,000 and $ 1,200, which would make life much more difficult climb for digital currency.

The bitcoin, before breaking through share $ 1,000 today, had already exceeded this level by touching a maximum of $ 1,000.31.
However, since that time the price of bitcoin has rapidly changed direction, falling below $ 1,000 to reach a minimum of $ 999.01 per session. The cryptocurrency then proceeded swings around the round figure and over again.

According to some market observers, the price might encounter headwinds from a negative sentiment that still lingers because of the large volatile movements on cryptocurrency in recent times – which saw the bitcoin increase to $ 1,150 and then fall near $ 200 an hour .
Sentiment undertone is mostly attributable to the central bank of China (PBoC) and its decision to examine closely the domestic system of bitcoin exchange.

However, there are those who also has a more positive view.

The market, albeit slowly, is overcoming the fear of drastic actions by the PBoC and so the price of bitcoin might slowly back toward record highs reached in early January.
The market data on traders’ sentiment reports a 89% long positions today, which marks the third straight session in which this measurement is above 80%.

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