blockchain cryptocurrency

Bitcoin Stock May Shoot up Shortly

Over the course of the weekend, the price of Bitcoin shot up but then remained at a constant of about $4,470, but this week may be bullish for the cryptocurrency.

The coin dropped down to around $4,255 in the last day during the first week of September, but some investors are stating that their positions will not be changed by the minor change. Although this has been based on mostly speculation, it does not appear like it will continue to drop.

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All in all, with the outlook being positive, and the stress of the Chinese and South Korean legislation slowing down, it is looking good for Bitcoin and the likes to continue rising.

Over the past week, the price action has shown that the coin may be able to jump higher after going above the 50-day moving average over the weekend.

At the time this article was written, the currency was trading at $4,290, which may be down around 2.85% over the last 24 hours, but this price shows that Bitcoin is up 11.54% week-on-week.

Looking at the trends for the 50-day-moving-average, one can deduce that there is a golden crossover in the lines. This is usually an indication of prices going up, and hopefully a repeat of the price action that occurred during the month of July.

Experts looking at the Bitcoin price see that if the coin can break above $4,470, investors would continue to invest, hopefully bringing the price to around $4,700.

Speculation seems to be one of the only factors that is hurting Bitcoin. With news coming out of different news sources, any good news could mean a potential spike in price and vice versa. Hopefully this trend can change, and the coin can reflect its actual value.

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