[2017-03-23] Bitcoin spikes above $1,000

[bitlamp]

Bitcoin is trading up 1.2% at $1,049 a coin as of 7:37 a.m. ET after aggressive selling on Wednesday slammed the cryptocurrency below the $1,000 level for just the second time since the beginning of Febraury.

Traders continue to grapple with the possibility that developers could set up a "hard fork," or alternative marketplace for bitcoin, as well a crackdown on trading in China and the US Securities and Exchange Commission's upcoming rulings on bitcoin ETFs.

Thursday's buying appears to be technical-based as a good deal of support comes into play in the $1,000 area. The cryptocurrency has not put in a close below that level since Febraury 9.

2017 has been a voltile year for bitcoin. It rallied 20% in the first week before crashing 35% amid fears China was going to crackdown on trading. Bitcoin then rallied another 75% from mid-January until mid-March, putting in a record high $1,327 on the morning of the SEC's rejection of the Winklevoss ETF.

The cryptcurrency has fallen about 20% since then as participants remain on edge over the possibility of an alternative marketplace and the two upcoming SEC rulings on bitcoin ETFs, the first which is due no later than March 30. Neither is expected to be approved.

Bitcoin has been the top-performing currency in each of the last two years.

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http://uk.businessinsider.com/bitcoin-price-spikes-above-1000-2017-3?r=US&IR=T

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[ImHash]

Well I wasn't awake during the below $1000 so it doesn't count lol, actually any given price holding it's position more than 3 business days with only $5-$25 volatility in average should be considered a healthy and natural price, and hopefully antpool will stop the insanity before it's too late and we'll see what happens then because even then we'll need to think about scaling the network capacity for handling more than 10 transactions per second at least for this year.

[pixie85]

Well I wasn't awake during the below $1000 so it doesn't count lol, actually any given price holding it's position more than 3 business days with only $5-$25 volatility in average should be considered a healthy and natural price, and hopefully antpool will stop the insanity before it's too late and we'll see what happens then because even then we'll need to think about scaling the network capacity for handling more than 10 transactions per second at least for this year.

I agree that sudden dips are not something we should worry about. Maybe a whale decided to buy a new yacht and triggered a small avalanche?
Bitcoin is holding strong above $1000 and that's what counts. I remember there used to be similar support lines in the 6 and 8 hundreds last year. Looks like $1000 is going to be the new mean.

[richardsNY]

Looks like $1000 is going to be the new mean.

It basically already is. Every time the price dips below the $1000 level we'll see it climb back up to over $1000 again due to the demand. If we finally manage to put an end to the long lasting scaling debates, we'll leave behind $1000 basically for many many years. Bitcoin needs to keep up with the demand, and as it is right now, that's not the case. Scaling is the only thing that is left as a negative aspect of how we know Bitcoin right now. Until this comes to an end, we'll stay more or less around current levels with a potential peak to $1200-$1300.