[2016-06-06] Bitcoin Price Nears $600 Amid Sustained Market Rally

[secone]

Bitcoin prices have risen sharply in the past week, nearing the key psychological level of $600 after lingering close to $450 for most of the last several weeks.

Bitcoin has established a new trend over the last week or so, with markets seeing prices surpass $590 this weekend, according to data from the CoinDesk Bitcoin USD Price Index.

Overall, the digital currency has surged roughly 30% from its opening price of $453.82 on 27th May to $591.03 on 4th June, the highest since 10th August 2014.

The digital currency reached this 20-month high after climbing roughly 6% the session before.

Market observers have offered various explanations for the digital currency’s recent climb, and many have asserted that concerns about yuan devaluation have placed upward pressure on bitcoin prices by helping spur Chinese demand.

Data from yuan-denominated bitcoin markets shows that weekend prices reached a high of ¥3,866.11.


http://www.coindesk.com/bitcoin-price-600-rally/

[1Referee]

I will be very interesting to see whether or not we'll touch $600 this week. I think it can definitely happen as the market is ready for this. I just hope the $600 level will keep it's position and not fall back. As long as we have the block halving ahead of us, people will surely try to hold their coins. We will go through some interesting weeks. Enjoy it!

[Lucius]

I will be very interesting to see whether or not we'll touch $600 this week. I think it can definitely happen as the market is ready for this. I just hope the $600 level will keep it's position and not fall back. As long as we have the block halving ahead of us, people will surely try to hold their coins. We will go through some interesting weeks. Enjoy it!

All conditions for further growth are there and the very important thing is that people hold their coins and wait for halving.Probably 600$ will be achieved this week,now it is hold above 580$.It will be very interesting in the coming weeks

[Kprawn]

I wonder how much of this is due to Chinese capital flight as rumoured in the media, or just some Chinese gambling on the Halving making a huge impact and them selling at a big profit. We know the

Chinese like to gamble, and the Halving is surely a gamble. My prediction still stands that we will see $650 very soon, and when we reach that... most people will start selling. The price will then go

down once again, and stay at levels between $500 to $550. 

[indiemax]

Bitcoin being Bitcoin,anything can happen

[BellaBitBit]

Bitcoin being Bitcoin,anything can happen

yes, Bitcoin doing its thing.  There are never any answers for what it does. Welcome to Bitcoin!

[richardsNY]

I wonder how much of this is due to Chinese capital flight as rumoured in the media, or just some Chinese gambling on the Halving making a huge impact and them selling at a big profit. We know the

Chinese like to gamble, and the Halving is surely a gamble. My prediction still stands that we will see $650 very soon, and when we reach that... most people will start selling. The price will then go

down once again, and stay at levels between $500 to $550. 

Chinese "investors" are more gamblers than real investors as they take out a mortgages to put all that money in  very risky investments hoping to make some quick bucks. If this increase was indeed caused due to capital flight, then the price would have gone over $1000 already.