Can Bitcoin keep its current position? Analysts say yes!

After a thirst of over a month, the bitcoin rate rose to nearly 950 EUR (approx. USD 1 023). According to analysts, this should be a stable development.

Since the middle of January, the price has stabilized at almost 850 EUR (approx. USD 915), it has rushed rapidly in the last few days, the USD 1 000 could pass and currently stands at 945, 45 EUR (1018, 08 USD ).

Analysts, however, are not only looking enthusiastically at the development, but also wondering whether there are further price movements beyond the $ 1,000 achieved. Some believe that there is still a lot of work to be done (and the breakthrough of an important Resistance) until Bitcoin is stable at this level.

Many traders will take the opportunity to beat profit from the course development. This behavior will shape the next trading sessions: some will be motivated to exchange bitcoin against Fiat currencies between $ 1,000 and $ 200,000. This makes the way upwards according to Zivkovski even steeper.

Yesterday afternoon the thousand-dollar barrier was broken for the first time. The crypto level fluctuated by slightly more than one thousand dollars and rose partly to up to 948 EUR (1 021 USD).

According to the analyst Tim Enneking in China, what is a significant resistance in the Western Hemisphere is the ¥ 7. 000 level.

There is concern about this enthusiasm that the course can crash again as dramatically as we could have observed a few weeks ago: within one hour the price fell by 130 EUR.

The co-founder and CEO of the trading platform BitMEX, Arthur Hayes, is making the decision of the People's Bank of China responsible to regulate the Chinese Bitcoin exchanges heavily.

Despite these developments, he has a positive view of the current situation. The market is calming down from the shock that the policies of the People's Bank of China have left behind. And as this shock subsides, the price will recover and approach the all-time high."The data from the market should confirm this cautious positive assessment. Whaleclub data confirm that the market has chosen 89% long positions, which is the third trading session in which over eighty per cent bullish was bitcoin.

The market has thus recovered - for the first time - from the shock at the beginning of January.

English original version of Charles Bovaird via CoinDesk