The bitcoin-US dollar (BTC/USD) exchange rate is gaining altitude after the bearish Doji reversal seen earlier this week failed to keep the cryptocurrency below its 50-day moving average.
Bitcoin (Image: MichaelWuensch/Pixabay)
At press time, bitcoin is trading at $4,325; up 1.46 percent as per data from CoinMarketCap. The two-day sell-off ran out of steam earlier today at the low of $4,150. The subsequent rebound then gathered pace above the 50-day moving average of $4,187.
However, the rebound from the 50-day moving average support seen in the one hour indicates the fears over the event are overblown. So, is bitcoin set to fly high or is the rally a bull trap?
The price action analysis suggests the cryptocurrency is currently hovering in the no man’s land.
Bitcoin could hit $6,000 by year-end, experts said
But investors should brace for more volatility as another “fork” could take place
Bitcoin rose more than 74 percent in the third quarter
Bitcoin could rally nearly 40 percent to hit $6,000 before the end of the year but investors should brace for more volatility, according to industry experts.
Bitcoin price chart (Image: geralt/Pixabay)
The cryptocurrency was trading around $4,333 on Tuesday.
The third quarter has been one of the most eventful in bitcoin’s history. It is up over 74 percent in the September quarter, with a shifting landscape in regulation and developments in the underlying technology taking place in the last three months.
