Price of bitcoin reaches 5-week high

Bitcoin gains rose, showing its 4-day bounce to above 17%. BTC is presently trading at $267 on BTC-e, contained within close distance of its highest 5-week price at $270.

Trader confidence has been encouraged by upbeat development for the strengthening of bitcoin and its rising popularity. Investors are expected to be trading bitcoin on regulated markets relatively soon. Bitcoin's test will continue depending on whether its price will remain steady.

Since yesterday, BTC has gained almost 6%. This gain sent bitcoin above 10% above its 50-day moving average (MA), denoting a possible slowing-down process in the future.