/Bitcoin Price hikes To $7000 On 1st November
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Bitcoin Price hikes To $7000 On 1st November

According to some of the world’s most popular exchanges, bitcoin has reached an average of 6,915 on the first of this month. Currently, some sales are trading at more than 6,800. The digital property year is relatively stable, with an increase of $ 500-1,000 easily and sometimes in one day. Bitcoin has ordered a market capitalization of $ 116B for the past 24-hour trading volume at $3B. Except for bitcoin cash markets, it is 19 percent higher, with almost every other digital property is falling. Bitfinenx, Bithumb, Bitflyer, GDAX, and Hitbtc are the top five exchanges to exchange the Bitcoin.

As of now, Japan is on the top, with the yen commanding 60% of the BTC volume by currency. The other currencies such as USD, KRW, EUR, and the GBP are following the Japanese yen. A few weeks ago, Chinese trade volume had watched the CNY drop in the 5th position to an all-time low of 19 out of the all world’s bitcoin trades. Anyhow, Chinese trade volume using over-the-counter (OTC) networks such as Localbitcoins, has already increased significantly.

Technical Indicators

By 2017, the Bitcoin price is 500 percent higher and increasing every currency and commodity in the world, performance-wise. Currently, the list shows incredibly powerful and targets are set at $ 7K and can be definitely be reached. Short-term Simple Moving Average (SMA) has a coastline on a long-term trend, which means there is a little resistance from above. Fibonacci retracement refers to $ 7,200 in 61.8 over the last 24-hour period. While RSI is in a fixed north, Order books show the mountains of sellers at $ 7K. If buyers can neglect this zone, it can be very easy to sail all the way to $7,600.

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Cryptocurrency Markets

As per now, bitcoin (BTC) and bitcoin cash (BCH) has good demand and value. Most of the cryptocurrency market is struggling from 3-10% losses and more. Ethereum (ETH) is down 5% at $289 per ether when bitcoin cash (BCH) has reached $550 across the global exchanges. Bitcoin cash has already taken the 3rd highest market valuation by pushing the Ripple (XRP) to the 4th position. Ripple market is down by 3.5%, average of $0.19 per XRP. At last, the 5th highest market cap which is held by Litecoin (LTC) is also decreased by 4.6% with a global average of $52 per LTC.

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The Verdict

As the currency breaks the milestone after the evaluation, the overall cryptocurrency proponents are excited about the price rise of Bitcoin. Bitcoin prices are volatile during the next two weeks before hard fork approaches. Because people do not know how the pending fork will get out, there is no guess what markets will do during and after this event.

Bear Scenario:

Prices are more and could correct at any moment. The possibility of unlikely price fluctuations as stated earlier this month. If things are rough, we can see drops to the area of $ 6,600 and probably fall from $ 6,200. Between those two points, there is a substantial amount of buy pressure as long as the orders books are concerned. Anything with less than $ 6,150, shows that we can access the sub-$ 6K zone.

Bull Scenario:

 The speculators certainly assume the majority of the purchasing pressure caused by the Segwit2x fork. The assumption of the people is to get altcoins in the distribution of 1: 1 division, if in case it happens. This means that the constant buyers can bring the price above the $ 7K range to the uncharted area. Currently, Fibonacci and other tools indicate, that the price may reach $ 7,200 in short and maybe $ 8k a week before the fork.

 

Where do you see the Bitcoin price in upcoming days? Comment your answers in the comment box:

Disclaimer: Bitcoin price articles and market upgrades are intended for information purposes only and should not be considered as trading advice. www.rilcoinnews.com or author is not responsible for any loss or benefit, as the reader will make the final decision to make a trade. Always remember that only those who have private keys are in control of “money”.