BTC/USD Reaches New Highs In October

After trading almost flat in the month of September, Bitcoin price surprised everyone with its steady move up North in October. It broke above the major resistance at 300 and rose from 235.01 (Daily low October 01) to 332.10 (at the time of writing).

Besides, it also touched a high of 334.67 on October 31, the highest for BTC/USD in 2015.

The pair is facing trend line resistance around $338 (trend line joining $298 and 317.99) and break above confirms further bullishness, a jump till $353/$380 is possible.

Short term trend is bullish as long as support $313 holds. On the downside any break below $313 will drag the pair further down till $300/$288.

Speaking of reasons for such a surge in BTC/USD, a number of positive news could have attributed to the rise in the pair – MasterCard investing in Digital Currency Group, EU court ruling that Bitcoin transactions are VAT exempt, launch of much awaited Gemini Bitcoin Exchange.

Bobby Lee, CEO of China-based bitcoin exchange BTCC, attributed bitcoin's recent surge to a series of factors. He told CoinDesk, "I think this price rise is a combination of the recent increased usage ... and also the recent good news in the industry, such as the no-VAT ruling in Europe, the end of the auctioning of Silk Road bitcoins, etc."

"Once again, people are re-discovering the many positive aspects of using bitcoin for payments as well as for holding bitcoin as a decentralised, safe and appreciating digital asset, immune to national central bank policies," he continued, adding that BTCC has seen a surge in trading activity .