Bitcoin price hits $260

The price of Bitcoin has continued to rise, reaching $260/RMB 1,620 during the Asia-Pacific session.

, Bitcoin Price Analysis

The price has been pulling up and breaking through numerous resistance levels, with all indicators pointing "upwards". The price has approached the 10% limit of the daily 100-period moving average, at $261 and CNY1621, and we should see a market reaction at this level. The nature of the market reaction will determine the future outlook. The price is still moving up relentlessly, although the pressure is increasing day by day, and this energy is not easy to find on any other market chart. The initial market reaction after the Greek news last weekend has caused the market to give up the price gains they made on Monday. However, Bitcoin has continued to rise despite the lack of obvious motivation from other relevant technical indicators on the chart. This bullish enthusiasm is something we are happy to see. Although we must admit that there have been many irrational factors in the market when careful technical analysis has been abandoned in the past 6 months.

Whether the price will be pulled above the critical level of $261/1621 will determine whether the subsequent rise can continue. If it goes all the way, we will see $280 and 1715. If the price falls away from this target ($261), we will observe the depth of its decline: the 200-period moving average (daily, four-hour, one-hour period) should provide support. If the 200-period moving average is broken across the board, we can predict that we will face a deeper adjustment or even the emergence of a bear market.

The market is often in a state of uncertainty and liquidity, and wealth often comes from betting on uncertain events rather than certain events. George Soros

Summarize

The levels of $260 and 1,620 are crucial. If the price of Bitcoin can stabilize at this position and stay above this level, then there will be some room for this round of pull-up. If it falls below this level or temporarily gives up, we may see subsequent attempts to pull it above this level, but if it falls too much, we need to adjust our expectations.