good news for bitcoin

The price of bitcoin has started to trend upwards on Saturday, September 23, after a slight dip in value 24-hours prior. Currently, the price per BTC is roughly $3,775 at press time after rebounding from yesterday’s low of $3,510.

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Bitcoin’s Price Consolidates After Last Week’s Chinese Exchange Shakeout
The price of bitcoin has been swinging back and forth in value since our last market update report. Overall, bitcoin proponents seem optimistic about the price as China’s regulatory crackdown is slowly turning into a distant memory. After dipping below the $3K zone, the price managed to climb back to the $3,800-4,000 range throughout most of the week. On Friday, September 22, bitcoin’s price stability in that territory headed south – leading to a 5 percent loss in value and a few sub-$3,600 lows. After some consolidation over the past 12-hours, buyers have stepped back into the trading arena and pushed the price up to $3,798 during the early morning hours.

Markets Update: Bitcoin Price Consolidates After Last Week's Volatility

Technical Analysis
Technical indicators and order books from popular exchanges show some strong resistance past the $3,800-3,900 zones at press time. Bitcoin markets look healthier than a few days prior as the price is holding high above the 125-day moving average. The weekly chart shows the short-term 100 Simple Moving Average (SMA) is well below the long-term 200 SMA, which indicates the bearish trend may not be over yet. Relative Strength Index (RSI) levels seem relatively stable, but the Stochastic oscillator suggests that the small uptrend happening right now will likely fizzle out. Indicators show it’s also likely the price will see some more consolidation over the next 12-hours within the current price territory.