Weekly Analysis for Bitcoin Brokers
The BTC prices held up in the range of $16,000s on Thursday, even as the investors were wondering whether the bitcoin market will continue its bullish run or undergo a phase of price correction. The bitcoin price has almost doubled since last month. In fact, according to leading bitcoin brokers has grown rapidly and hence entered the bubble zone. The analysts further pointed out that bitcoin prices have gone north as a result of a parabolic market trend and has taken a much more aggressive form now, which is referred to as the hypodermic trend.
BTC stood at $16,510 after dropping by around 4.6 percent to reach $16,181 on the United States’ Bitfinex market exchange on Wednesday whereas the BTCUSD pair was hovering at 16,516.0 on Thursday. In fact, on Tuesday, the BTC prices created a new record by moving higher at $17,500 on the Bitfinex exchange. It must be noted that bitcoin started trading at $1,000 at the beginning of 2017 and since then the prices have gone up by nearly 1,600 percent in this year alone.
On Thursday, BTC continued to consolidate its position even as traders were opting for other altcoins in their bid to earn higher returns. While, Bitcoin is still dominating the cryptocurrency market, traders are shifting their focus to other alt coins as the BTC is being closely watched by regulators. A number of countries such as South Korea where bitcoin is being traded on a larger scale are searching for numerous ways that can further help them in controlling the BTC prices as well as speculation.
Even Federal Reserve’s chief Yellen pointed in one of her speeches that the bitcoin is prone to a great deal of speculation. She also reiterated that the BTC industry and market will continue to grow and expand and hence the market regulators will have to identify ways to deal with it.
As far as the BTCUSD is concerned, the pair will continue to consolidate its position in the days to come. In fact, the investors and the market are waiting for a direction further. This would further push the pair in a tighter range and it will continue to move higher. Presently, the ETH prices have risen whereas the bitcoin price has stalled.
Dollar’s price is based on the pricing of numerous goods as well as services. As a result, the USD like every other currency can lose or gain power if the merchants lower or raise the prices of their respective products. With bitcoins, however, things are very different. Bitcoins do not have any anchor as they aren’t dollars but digital coins that are traded in exchange for the dollars. A bitcoins value largely depends on the price that traders wish to pay for them as they’re sold to other traders. This is precisely why the BTC prices will continue to rise.
Almost every BTC enthusiast is hoping that with the introduction of BTC derivatives, institutional traders will start investing in the digital currency, which will further establish BTC as a legitimate currency. According to trade experts, Bitcoin brokers must currently look at holding the currency for long term investment purpose.
Our Recommended Bitcoin Brokers to trade BTCUSD:
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Your capital may be at risk. This material is not investment advice
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.