Bitcoin Coin Price Today:
Looking at the inter-day trading of btc today is rising with no end in sight. The previous testing was at $354 which has already been broken and btc is trading well above $365. The question is it time to invest more or wait for a drop. Knowing bitcoin its very hard to predict the price. I will try to put a breif history of what happened and why it happened. I will try to cover a board range of topics in this regard including the news that lead to this and bots that jumped in.
The first question here we might be asking is what happened that the price went on an uptick.
If we see the above chart we see that btc was trading comfortably at $237 just a few weeks back. What saw the surge to $250? Well the issue that supposedly being pointed out by many is that a billionair had to pay a kidnapping ransom of about $1.6million in bitcoins. While this news cannot be confirmed its widely believed that the initial buying caused the uptick in volume and price of bitcoin.
Bots Into Hyper Drive:
The question comes to mind what are bots? Bots are automated software designed to trade within provided parameters automatically. Once the bots saw the initial bulk buying and price increase they kicked into what I would like to call hyperdrive and went bullish on buying bitcoins. This also went hand in hand with people starting to take loans to buy bitcoins. The idea was to buy as much as they can even if its on a daily loan. At current rate of increase the loan even at 30% per apr is feasible. This has caused the price of bitcoin to break past the initial wall of $354 and into the $370 plus. Where bitcoin stops is unknown right now.
The Fall In Sight:
Now the question comes to mind will this hold or will we see upward trend or downwards? The answer to this is something I cant really comment on. One thing to be vary here is that if the reports on the ransom were true then the kidnappers will eventually need to cashout their bitcoins if they choose not to spend them. A dump of that large amount on the market will put the bots back to selling instead of buying causing a fall in prices dramatically. However even at these rates I dont see bitcoin falling to lows of $150 that we saw 2 times in the last 6 to 8 months. Many might want to know if its a buy call or sell. I would say hold onto what you have for a few more days to see where the market is going then make a decision accordingly.