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Will the Bitcoin price again reach the level of $ 5000?

The price of Bitcoin continues to grow in the stock market

03.Oct.17 3:09 PM
By Daria Zaytseva


Will the Bitcoin price again reach the level of $ 5000?

And it remains on track to reach a level of $ 4,500, after falling below $ 3,000 due to China's regulatory campaign against cryptocurrencies.

Today Bitcoin is trading at the level of $4 291, a 3.91 % decrease on the day. Based on the analysis of price action, the possibility of the Bitcoin to regain its record highs has improved after the bullish price action over the weekend.

It has posted a weekly growth of 11.3%, but still decreased by 4.9% monthly. Nevertheless, the trend indicators showed a lack of activity in the market, which, undoubtedly, will endure the patience of investors. Another small cause of concern is the persistent weak volumes in the market.

The recent sharp decline in Bitcoin's price was due to the fact that the Chinese government banned the holding of initial coin offerings (ICO) in China. The government argued that the emerging mechanisms of fundraising, such as ICOs, are illegal in accordance with the domestic legislation of the country.

In South Korea, the Financial Services Commission in the country (FSC) has ordered to prohibit all forms of ICO "regardless of technical terminology", as well as the trading margin of digital currencies. The FSC is also planned to introduce other measures, which are expected to have a negative impact on the activities of cryptocurrency companies.

The upward movement of Bitcoin's price in combination with the index of relative strength of the bull movement (RSI) and the index of directional movement (DMI) show that the leader of the cryptocurrency can return its maximum on September 6 at $ 4,692 and possibly return to a record high of $5000. However, it remains to be seen if this will happen in the coming weeks.

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