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Bitcoin rises again

21/02/2018

Bitcoin (BTCUSD) has been showing signs of renewed confidence in the wake of US interest rate & Stock market fears. It fell to a shade under US$6,000 on February 6th, and since then has been toiling away to reach US$11,750 - just shy of a 100% gain in 11 days. Here we are seeing the charts reflect the behaviour of a market that is growing in maturity, and not an illiquid fairground ride dominated by panic from both buyers & sellers. The Bitcoin evangelists will doubtless be repeating the ‘sky’s the limit’ mantra, but pragmatic holders will use any rally past US$15,000 to crystallise some profits, or in some cases, Get Out of Jail. With global Stock Markets struggling to shake off the decline that rather oddly coincided with the New England Patriots loss in SuperBowl 52, one wonders whether Bitcoin can now attract Investors as a change of pace from the gamblers.

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