Bitcoin (BTC/USD) Price, Analysis and Chart:
Bitcoin continues to stair-step higher and today made another multi-year high around $16,500. We looked at BTC yesterday and suggested that the positive daily chart set-up remained intact, with little in the way of horizontal resistance seen on the chart until $17,200, the January 2018 monthly high.
Bitcoin (BTC) Jumping to a Fresh Multi-Year High on Increased Volatility[3]
A Look at the weekly chart shows how Bitcoin has quadrupled in value over the last eight months after hitting a spike low just under $4,000 in early March this year. Since then the chart has produced a series of higher highs and higher lows with Bitcoin rallying by around $5,000 in the last month alone. While the recent volatility leaves BTC vulnerable to a sharp sell-off, both the daily and weekly charts suggest that the path of least resistance for Bitcoin is higher.
Bitcoin (BTC/USD) Weekly Price Chart (April 2017 – November 13, 2020)
While the technical set-up for Bitcoin remains positive, the fundamental outlook is also favorable as central banks around the globe continue to pump money into their respective economies - boosting money supply - in an effort to boost growth and inflation. Long-term advocates of Bitcoin have argued that its fixed issuance – 21 million - acts as a hedge against currency depreciation, via inflation and money printing, while the increased use of Bitcoin as means of payment adds to its value.
Global online payment system PayPal is now allowing its customers to use Bitcoin (BTC), Ethereum[4] (ETH), Bitcoin Cash (BCH) and Litecoin[5]
