Daily Bitcoin Price Analysis: Bitcoin Grows While The Dollar Faces Price Corrections

Our expectations were met again with the price of BTC/USD overcoming both resistance levels of $400 and $410. Currently, the Bitcoin price reached $ 420. During today, the price rose by 7%. However, this situation is primarily due to a falling price of the US Dollar against various currencies such as the Euro, British Pound, Yen, and well Bitcoin too. Moreover, a report on China's trade surplus, which resulted in the situation on the commodity market in China stabilizing was recently published. According to that report, net export increased by 64% in comparison to the year 2014. Positive statistics from China always seems to support the Euro and has a negative impact on the dollar.

Last week the quarterly GDP growth rate in the Euro Area report was published and showed an increase of 0.24%. Although, the data is weak, it’s still positive for the euro. The revised data on the GDP of Japan, also published recently, showed a growth rate of 0.3%, which is good compared to the projected -0.2%.  All together, it suggests that the dollar came under pressure. Considering this background, Bitcoin has every reason to grow and overcome the $420 that will in turn open the route to the level of $430 and $440 respectively.

Today December 9th, 2015, can be identify with the resistance levels of $430 and $440. The support levels are $400 and $390.

BTC/USD graph

The analysis and prognosis are the personal views of the author and are not a recommendation to buy or sell Bitcoins.


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