The price of bitcoin continues to rise after our previous price report yesterday afternoon. At the time bitcoin’s price smashed through the $10,000 region across global exchanges. The BTC rocket ship’s engines kept on going reaching an all-time high of $11,395 during the early morning hours of November 29.
Bitcoin Reaches $11,395 Across Global Exchanges
Bitcoin’s price upwards has been an intense ride as the currency has gained $2000+ in value over the past two days. At the moment one bitcoin has a weighted price average of around $11,100-11,200 on exchanges. Bitcoin trade volume over the past 12-hours has doubled reaching a feverish volume of $9.2Bn. The Japanese yen is taking its share, with 64 percent of the global trade volume. Meanwhile, the USD, EUR, and KRW have a vast majority of the rest of the trade volume pie as every other currency has less than 1 percent of the market share. Bitfinex is the top exchange on November 29 followed by Bithumb, GDAX, Bittrex, and Bitflyer.
Looking at the charts show during the November 28 overnight, bitcoin’s price reached $10,650 and subsequently had a flash drop to $9,940. Bullish pressure regained strength immediately after jumping back to the $10,800 region. Looking at the Simple Moving Averages today both the short term 100 and long-term 200 SMA still have a wide gap, but it seems like they may converge in the near future. The move towards these two trend lines crossing paths indicates a correction is likely in the cards. The Relative Strength Index and Stochastic oscillators also reveal a similar story as these two indicators reveal oversold conditions. If we see a pullback look for some strong foundations between $10,200-10,400. However, in the short term, breaking resistance above the $11,500 region is not too far off from sight. Order books show bulls have been cutting through sell walls like butter all night and they haven’t let up yet. Bullish sentiment may see resistance stops at $11,600-11,800.
Digital Asset Markets In General
Cryptocurrency markets, in general, are doing quite well with a market capitalization of roughly $341Bn. The 24-hour volume between bitcoin and the 1325 other cryptocurrencies has reached an all-time high at over $20Bn. Among all the digital assets bitcoin is commanding about 54 percent of the total cryptocurrency market capitalization worldwide. The top ten digital assets are currently all in green seeing percentage increases across the boards. Ethereum is up 8.7 percent at $513 per token. Bitcoin cash (BCH) is doing well on November 29 as markets are up 2 percent leading to BCH prices around $1610. Ripple (XRP) is up 6 percent at 28 cents per token and Bitcoin Gold (BTG) is up 1.2 percent at $345 per BTG. Lastly, litecoin (LTC) has reached a global average of $105 per LTC as its markets are up 11 percent. Notable mentions this week include the top ten newcomer Cardano (ADA) which increased 150 percent in the past 24-hours.
The Verdict: One Giant Price Meme
Community sentiment across forums and social media show cryptocurrency enthusiasts are elated seeing the price spikes. Market optimism seems decent as well but traders are now talking about the next “big correction” and that markets are “due for a dip.” Right now the price has been a focal point over the past three days as the web has been littered with a thousand price memes. Alongside this, proponents are wondering what will happen to the price when Cboe and CME’s bitcoin-based futures markets arrive as well. Some believe the thrilling 2017 rollercoaster ride is not quite over yet.
Bear Scenario: At the current vantage point many traders believe a correction is due, and that it’s just a matter of when and to what degree. There is some decent support around the $10,200-10,400, but they may not last if sell pressure picks up.
Bull Scenario: Bulls are trying to consolidate above the $11K zone and with the amount of buy pressure we see right now it just might stay above this zone for a little while. Key resistance to watch is $11,550-$11,800
Where do you see the price of bitcoin heading from here? Let us know in the comments below.
Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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