After reaching new peak, Bitcoin price remains unstable

Believe and wait...

Where will Bitcoin go?

Just one day after Bitcoin’s price hit a record high, there are a number of new signs of Bitcoin price activity. The milestone has sparked interest from some mainstream media outlets, though each outlet has reported very different results.

Quartzstuck 's statement is closest to the current popular view, believing that it is waiting for the decision of the Winklevoss ETF, while TechCrunchcited believes that the reason affecting Bitcoin price fluctuations is the impact of the stock market, and Bloomberg is more inclined to President Donald Trump's new policies.

Taken together , their claims may lack evidence in the currency market . This may be accurate, as there are still many reasons that we do not know about that affect the rise of Bitcoin prices .

So far, the price of Bitcoin has experienced significant volatility, reaching new highs, suffering major declines, and its price once again breaking above $ 1,100 .

At press time , the price of Bitcoin was $1,157, $10 below its all-time high set in 2013, indicating that the market is testing this price level.

New Territory

This is not to say there is no direction.

As CoinDesk reports, there is a strong argument that the rise in Bitcoin prices is “priced in” by the market as the SEC is set to decide whether to approve the Winklevoss Bitcoin ETF submission .

The reasoning is this: If the SEC approves the investment vehicle, Bitcoin can rise further. If it is denied, it is another case of market hype.

However, there are other uncertainties at play, not the least of which is China.

In interviews, Chinese traders were less sure about Bitcoin’s stability, saying they might expect the market to be volatile. (China’s central bank has issued new regulations to exchanges )

Kong Gao, marketing manager at technology co -trading firm Richfund, acknowledged that “no one knows what the PBOC will do next” and expressed concern that there could be more action.

“It is generally believed that the recent trading actions by the Chinese central bank are an attempt to lower the price of bitcoin,” he told CoinDesk.

Others say any delay in resuming bitcoin withdrawals on most exchanges (slated for around March 10) could affect prices.