Bitcoin Price Analysis – SEC decision looms
Everything fundamental this week takes a back seat to the COIN ETF decision. Bitcoin has been trading between $1134-1292, according to $BLX, up 72% from the low established on January 12th, 2017. The Network Hashrate gained 4.5% on March 3rd, adding 39.07% year to date.
Bitcoin Price Analysis – Buy the rumour, sell the news
With the deadline on March 11th for a Securities and Exchange Commission (SEC) decision on the COIN exchange-traded fund (ETF) quickly approaching, US Dollar demand continues to drive bitcoin higher. A recent outage on GDAX, one of the few bitcoin exchanges accepting USD customers, did not dampen the rally and suggests a high amount of traffic to the site. Although the ETF would likely increase bitcoin price long-term, traders may “buy the rumor, sell the news.” Three similar events illustrate how the market has previously reacted.
Bitcoin Price Analysis – Japan take over volume lead
As price has breached all-time-highs (ATH) today, there are some rumblings that the hacked coins from Bitfinex were entering exchanges, which is largely false. Coins that have not moved since the 27th of January, which includes 2,072 transactions and ~118,880BTC, have remained stagnant. Coins which were spent on the 27th of January, including 196 transactions and ~876BTC, continue to move to various locations across the blockchain.
Bitcoin Price Analysis – PBoC effect diminishing
Repeated People’s Bank of China (PBoC) announcements and meetings with Chinese exchanges has been a large bearish driving force over the past month.
Bitcoin Price Analysis – PBoC continues to sway markets
On February 9th, OKCoin announced a suspension of bitcoin litecoin withdrawals. The announcement indicates that the People's Bank of China (PBoC) has requested the exchange address Anti Money Laundering (AML) compliance.
Bitcoin Price Analysis – PBoC crushes volume
On the People's Bank of China’s behest, the four major Chinese bitcoin exchanges [introduced](news/have-we-just-seen-the-end-of-fake-chinese-bitcoin-trading-volumes/) trading fees this week, causing a significant drop in volume. While the exchanges have been charging for withdrawals, a tiered fee structure incentivised traders to maximize their volume in any way possible. Traders have long since suspected [Chinese exchange volume to be manipulated](https://www.youtube.com/watch?v=VRbgq5hk_bg) through things such as wash trading and “volumizing.”
Bitcoin Price Analysis – Lift off
We have finally broken out of a multi month consolidation pattern which is very exciting to see. Trading these breakouts can be very profitable and very risky. Look to longer term support and resistance levels to find price targets.
Bitcoin Price Analysis — Decision Time
Bitcoin continues its long term uptrend. The price has reached the previous June highs of about $780.00, although there is a MACD bearish divergence on the daily chart.
