The cryptocurrency market is still recovering from its most recent downfall and Bitcoin is a big part of the recovery. While the market in general appreciated around 8% in the last seven days, Bitcoin added even more in value, growing 9.2% in a matter of only one week.
The recovery is far from over, as the all-time high level of prices, witnessed on September 2nd, has not yet been reached. The growth is slow yet steady, which makes many experts believe that this time it won’t end with an abrupt downfall, at least not too soon. The positive trend in the Bitcoin price action can be observed since September 22nd. Not only BTC turned back to growth on that date, though. Most major cryptocurrencies have been growing since exactly the same date.
What can be expected from the price action of Bitcoin in the upcoming days? Short and medium term prospects are positive, if the opinion of cryptocurrency experts is something to go by. MACD and CCI, both oscillator-type technical analysis tools, demonstrate tight upward trend. According to MACD, short and long-term trends are in the growth zone. And CCI confirms this theory.
Judging by the Alligator technical analysis indicator, short, medium and long run tendencies are all in the green. The steep slope corresponds to relatively high growth rate, rarely observed anywhere outside of the crypto market.
Fundamental factors that affect the price of BTC are limited and mostly include governmental decisions on Bitcoin regulation, or lack thereof. Harsh measures, adopted by the Communist Party of China seem to have little to no effect on the overall level of Bitcoin prices. Lack of cryptocurrency regulation in Europe and full-scale support of it in Japan, on the other hand, contributed a lot to the most recent surge in BTC prices.
