Bitcoin Weekly Price Analysis
Analytical overview on Bitcoin price this week.
During this week, the first cryptocurrency managed to set a new price record, reaching the $4,500 mark.
Throughout the year, we saw a lot of discussions around the network about whether the Bitcoin price for will be $5,000 by the end of the year, as some world-known analysts predicted. However, after this summer events, doubts on this issue have drastically decreased.
From mid-July, BTC price stopped its movement in the range of $2,400 to $2,850, where the redistribution of assets took place. After the market participants started actively signaling the support of SegWit and with no acute reaction to the Bitcoin fork, the price resumed its price rally.
At the beginning of August, there was a stop in the price movement, after the new price high had been reached. As the price did not go down, it can be treated as the presence of buyers on the market who can lead it to new highs in the forefront of the good news.
Despite the backdrop of ongoing updates and a positive reaction, the price continued its active growth along with increasing volumes.
Such growth indicates the users decided to fix their profits; it also indicates confidence that the price will keep moving up.
During this growth, there’s no large price divergence observed. Prices on different exchanges have varied $150 to $200.
The greatest demand was seen on the Asian markets. In the Japanese market, the peak price, in US dollars, was $4,279; the Chinese market had $4,498 price the biggest. As of Aug. 18, some of the largest Bitcoin prices are in relation to:
- the British pound - $4,629
- the Canadian dollar - $4,491
- the Brazilian real - $4,500,
- the Argentine peso -$4,707
The largest number of transactions per week through six major exchanges is as follows:
- Bitfinex - 19.8%
- OKCoin - 11.96%
- Coinbase - 11.61%
- Kraken - 11.50%
- BTCC - 10.45%
What to do
If you take a look at the chart, then you’ll see how the price has slowed down its movement.
On Tuesday, there was a drawdown on a fairly large volume; still, the sales were absorbed and the price did not move. This might mean that some market participants were taking profits.
Today, it is in the range of $4,100 to $4,500. If from this level there will be no sales on large volumes, the price will probably continue its upward movement.
In the future, the market can be expected to continue the growth trend, with price adjustments to the range of about $3,000. However, do not lose sight of any news about SegWit, which at this stage is the biggest trigger event, causing emotional reaction in the market.