Bitcoin Price Charts Show Breakout Forming Amidst Optimism

The price of Bitcoin has been somewhat stable lately with charts showing slight variances here and there over the past week. The anticipation for the upcoming halving event seems to have cryptocurrency supporters excited, while global economic events continue to show the world the benefits of the Bitcoin network.

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Price Charts Bode Well

The fiat value of Bitcoin has been on a steady run in the upper $660’s USD range over the past week slowly creeping up and then back down seemingly looking to break in one direction or another. Optimism has been significant lately in the Bitcoin-world with a resurgent price while at the same time traditional markets have shown weakness.

Currently, the price of Bitcoin is at $673 with charts looking optimistic at the time of writing. There is support in the downwards $660 range and heavier resistance in the upper $690’s. This week should be fun to watch as the charts seem to be indicating some action forthcoming.

More recently, Bitcoin has been boosted by Brexit and the probability of investors moving to Bitcoin’s digital gold element alongside China’s increasing buying of cryptocurrency as the country faces a looming recession. The Chinese are looking to Bitcoin as a hedge in their portfolio and investors in the region are betting big on Bitcoin adding another $60 million into the ecosystem.

Bitcoin Gets an Update

Development has been moving along with changes happening here and there with discussions happening daily as well. More recently, the Bitcoin code has received a Check Sequence Verify (CSV) soft fork on block 419328. The CSV adds some enhancements to the network with BIPs 68, 112, and 113 rolled into the main chain. The change in protocol works with the Bitcoin scripting system helping with transaction malleability, allowing flexibility in transactions such as micropayments improvements, multi-signature functionalities, and prep work for the Lightning Network. The Bitcoin community seemed pleased with the successful implementation as Andreas M. Antonopoulos states over Twitter:

CSV soft-fork has activated as of block #419328. Congratulations on another successful soft-fork vote for bitcoin — Andreas (@aantonop) July 5, 2016

Anticipation for the Bitcoin Halving Day is growing as people are discussing the event across social media platforms, planning meetups and parties, and as always trying to predict what will happen. Currently, at the time of this writing, the reward change within the Bitcoin protocol is only 608 blocks away. After that miners will only receive 12.5 Bitcoins in contrast to the current 25 BTC rewarded now.

Of course, lots of people in the community are speculating over the monetary price of Bitcoin and how this change will affect the economics of the network. The halving may be reflected in the BTC fiat value at the moment, and the event may cause some price fluctuation. With the way the charts have been looking, some sort of breakout looks imminent, but which way it will go is anyone’s guess.

Media, Bankers Warming to Bitcoin

Overall, the mainstream media has been quite positive lately giving Bitcoin some limelight and some showing its attributes as an economic safe haven. Quite a few mainstream news outlets have published reports of turbulent global markets but optimism resting in the Bitcoin network. This has peaked interest in investors and those looking for a hedge to ride out the global economic storm.

Maybe Bitcoin’s deflationary aspect will convince more people to look towards its digital gold attribute. Since the Brexit fallout, bureaucrats and central planners are showing fear their traditional systems are folding. Even former Federal Reserve Chairman Alan Greenspan is calling for leaders to return back to the gold standard. Greenspan believes economic times could be more prosperous falling back on the scarce precious metal that is more resistant to inflation. The former Federal Reserve Chair states:

Now if we went back on the gold standard and we adhered to the actual structure of the gold standard as it exists let’s say, prior to 1913, we’d be fine. Remember that the period 1870 to 1913 was one of the most aggressive periods economically that we’ve had in the United States, and that was a golden period of the gold standard.

With Bitcoin holding significant digital scarcity elements, investors may look towards the cryptocurrency as world markets continue to slide. Bitcoin’s significant price spike over the past few months is a hard thing not to notice. Overall the network is stronger than ever and continues to attract more investment into its space.

What do you think about the price of Bitcoin and events surrounding the industry? Let us know in the comments below.

Images courtesy of Kaiko, the Associated Press, Pixabay