After a short lived dip under $450 for the first time in many days, bitcoin returned above $450 and has continued to slowly rise over the past 48 hours. It peaked well over $500 and is currently sitting at $525.28 on the dinbits Index hitting as high as $555.73 in the last 12 hours.

This was expected as we have been reporting for several months when there were great opportunities to buy, although this price rise is sharper than expected and will likely subside with some profit taking then continue on track.  


This certainly doesn't mean we've seen the last chance to buy, we'll likely see 400's again after profit taking. In the last 12 hours we've seen some of this with small windows of buying opportunity. What is unlikely is another opportunity like we had a month ago to buy near or below 400. We may have seen the last of that rate for a while.

The halving is now 44 days, 8 hours, 1 minute, and 34 seconds away at press time (see above or for a live feed, see right) and with the Chinese Yuan following a downward trend, Chinese trading has had a large impact on the current rise in price. One thing to note (2nd arrow above) is the volume. 102027.95 XBT at press time (53.2 million USD) which is above average.

Day traders are surely enjoying the benefits of the volatile trading pattern, we haven't seen this in a while and this is notably the 1st time in about 2 years bitcoin [has] gone above $500.

One that note. Welcome back $500, we've missed you.

Report by dinbits
Image by staff

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