Bitcoin Market Report: BTC Rockets to $557.19

Brief


In a move long anticipated by traders bitcoin has broken through the $500 mark. The punch through heralds the beginning of a new era for bitcoin as it reaches for price thresholds reminiscent of its glory days. Bitcoin is up 0.22% on the day, up 18.61% on the week and up 39.71% on the month. The market is overwhelmingly bullish.

Last price

525.76 BTCUSD

$USD

last price $ 525.76
one week ago $ 443.27
percentage 18.61%

Remarks

Bitcoin is up $82.49 on the week and up $149.43 per bitcoin on the month. August of 2014 was the last time bitcoin notched the $551.53 mark making this recent price change a 21 month high event.

Over the last three days, Bitcoin price rose 30% from $458 on 27 May to $597 on 29 May, according to the OKCoin CNY exchange data.

Jack Liu, Chief Strategy Officer of OKCoin provides below comment regarding the price rise.

“After two long years, Bitcoin price crossed back across the US$500 mark led by OKCoin’s CNY exchange – the largest digital asset trading platform in the world. The price first reached $500 on May 28, and was followed later on by OKCoin’s USD exchange and other global platforms such as Coinbase. We believe with the Chinese economy entering into a “L-shaped” recovery rather than a “U-shaped” one, the dearth of mainstream, prudent investment choices has made Bitcoin a relatively attractive choice. This is especially in light of the fact that the Bitcoin supply will be halved in just over a month, adding to deflationary supply pressures and increasing the digital assets investment value in the short, and long term.

It was not a surprise to see the upturn. After all, the whole world is facing slower growth and low to negative interest rates, not just China.”

Jack Liu, Chief Strategy Officer of OKCoin

Price change

Price change is the percentage change within the period:

period change
day 0.22%
week 18.61%
month 39.71%

Chart

Tap or click chart to enlarge:

chart-okcoin-btcusd-2016-05-29

Data source

Okcoin is the data source for this market report.

Market capitalization

Market capitalization is the total $US dollar value of the Bitcoin market calculated using the formula:

market cap = ( available supply x last price )
Market cap Available supply Last price
$ 8,201,711,416 15599725 $ 525.76

Indicators

Daily High Low

daily high 529.02
daily low 516.20

Trend

The weekly trend is up.

trend is UP

Support

Support is the lowest price within the period:

period support
day 516.20
week 434.86
biweekly 434.86
month 431.00

Resistance

Resistance is the highest price within the period:

period resistance
day 529.02
week 557.19
biweekly 557.19
month 557.19

Range

Range is the difference in price within the period:

period range
day 12.82000000
week 82.49000000
month 149.43000000

Market sentiment

Market sentiment is bullish.

sentiment bullish

Image courtesy Pixabay.com

Summary

Bitcoin is up 0.22% on the day, up 18.61% on the week and up 39.71% on the month. The weekly trend is up. BTCUSD saw weekly support at 434.86 and weekly resistance at 557.19. Market sentiment is bullish.

Disclaimer

Past history is NOT an indicator of future results. Read the legal disclaimer:

http://kittybitcoin.com/docs/disclaimer.php

Printed

This report was printed on Monday May 30 2016 01:55 hours UTC. Contact KittyBitcoin to request custom reports.

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Tags

Bitcoin, Okcoin, BTCUSD, Brief, Last price, Remarks, Price change, Chart, Data source, Market capitalization, Indicators, Daily high low, Trend, Support, Resistance, Range, Market sentiment, Summary, Disclaimer, Printed, Coming soon, cryptocurrency, bitcoins, BTC, altcoins, investing, trading, speculation, coins, investment, digital, assets, tags,