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Markets Update 1st November-Bitcoin screams to $6900+

As the year comes to an end, Bitcoin has raised an average of $6441.99 on the first of the November. The bitcoin price is just floating above 6800 after some sell-off. Bitcoin looks forward to creating another historic milestone.

The digital property has been unrelenting all year long, noticing $500-$1000 increases with comfort and in some cases in a day. At some of the moment, Bitcoin commands a $116 market capitalization with over $3B in trade volume over the last 24 hour.

Moreover, Bitcoin cash markets, which are high over 19 percent, approximately every other digital asset is dropping.

Bitfinex, Bithumb, Bitflyer, GDAX, and Hitbtc are the leading five exchanges swapping the most Bitcoin this end of the day.

Presently, Japan is overtaking the pack, with the yen commanding 60 percent of the BTC volume by currency. The rest of the currencies remaining which follows the Japanese yen include USD, KRW, EUR, and the GBP.

Technical Indicator

Throughout the course of 2017 price of the Bitcoin are up well over 500 percent and are exceeding almost every currency and product globally, performance-wise.

Currently, the chart displays extremely bullish buy pressure and targets fixed at $7k surely achievable.

The short-term Simple Moving Average (SMA) is drifting well above the long-term trendline, which means the way to the upside has few amount of resistance.

At present, the pair is trading near the 23.6% Fibonacci retracement level of the end leg up to $7200. If buyers can break this area, it might be smooth sailing all the way to $7,600.

Related Coverage: Bitcoin soars above $6,000 for first time ever, market-cap hits $100 billion

Cryptocurrency Markets

At the time of writing this article, the only two digital assets in the green are Bitcoin (BTC) and Bitcoin cash (BCH). Most of the different cryptocurrency in the market are facing the loss of 3-10 percent.

Ethereum falls down 5 percent at $289 per ether, while Bitcoin cash has raised a high of $550 across global exchanges.

Bitcoin cash has secured a third highest marketplace by pushing Ripple (XRP) to the fourth position. Lastly, Litecoin holds the fifth highest market cap with a global average of $52 per LTC.

Conclusion

The cryptocurrency proponents are thrilled because of the rise of the Bitcoin price and it continues to break the milestone. Before the hard fork approach, the price of Bitcoin will likely be volatile over all the course of the next two weeks.

Bear Scenario: prices are floating high and could correct at any moment. As listed above, this month will likely observe volatile price swing which could fall either way.

We could observe the drops to the $6,600 region if it ultimately bearish and perhaps a fall to $6200 from the initial point.

Bull Scenario: Speculators exactly imagine a majority of purchase is stemming from the Segwit2x fork. The hypothesis is people are putting altcoin to obtain in on the 1:1 split distribution it that exists.

Therefore, Buyers can make the Bitcoin’s price to soar above $7k. presently, the Fibonacci and other outfits indicate prices could achieve $7,200 in the short span of time.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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