[2017-02-18] Bitcoin Price Perseveres Above 4-Digit Sweet Spot

[TwoTimes]

The Bitcoin price is rising once again, passing US$1,060 per BTC. Bitcoin’s value has stayed above $1,000 for 22 days and counting since 2013.

The price of bitcoin seems to have consolidated in the $1,000 range during most of February. Bitcoin’s fiat value kicked into high gear again on February 16, reaching a high of $1,040 over the course of the day. Technical indicators show that bulls have broke through resistance and have initiated an upward momentum. However, the 100-200 Simple Moving Average (SMA) and Stochastic indicators show bitcoin may be in overbought territory and bears could strike at any moment.

Read More Here: https://news.bitcoin.com/price-perseveres-4-digit-sweet-spot/

[richardsNY]

It's quite impressive to see the price hold its position above the $1000 barrier so well. I find the price not overbought at all - knowing that we have a potential ETF approval coming towards us in March. If this approval doesn't come through then I'm afraid the price will get a (short lasting I hope) dive under the $1000 barrier again. But even if so, anything above the $900 level is still a fantastic price. I just hope it won't be an over-exaggerated dump.