Bitcoin Price Soars Higher, Eyes 370.00 Levels

Bitcoin price is once again showing great upward momentum. Earlier this month, BTC/USD rose from 303.01 (low Nov 01) levels to 502.00 levels on Nov. 04. However, the trend soon lost steam, dropping below the 300 mark briefly on November 11.

The pair seems to have found a new strength, rising steadily from 316.00 levels (low Nov 25) to 363.45 levels (at the time of writing). FxWirePro says that any break below $335 will drag the pair down till $328/$325. Overall bullish invalidation seen only below $300.

A move to $370 is possible today. On the higher side major resistance is around $374 (38.2% retracement of $465 and $ 294) and break above targets $400/$420.

Analysts opine that it is difficult to determine as to what causes the rise or fall in the price of digital currencies. However, positive news from the cryptocurrency ecosystem seems to affect the price trend.

Colin Kwan, CEO of Magnr, told CoinDesk, "Financial institutions around the world are jumping on the blockchain bandwagon, looking to take advantage of new technology and reduce costs and improve efficiency ... I believe that ... financial institutions are starting to realise that they need to use bitcoin to make this work. This reinforces the value of the bitcoin blockchain and therefore bitcoin itself."