After a substantial correction last week into the sub $1,900 range (from an
If the local high is broken ($2,599.38), then it is likely that a move above the
There are many factors that could further facilitate such a turn of events, one of which is the resuming of BTC withdrawals on three large Chinese domestic exchanges, OKCoin, Huobi, and BTCChina after an almost 3 month regulatory freeze.
Bitcoin adoption is growing at a steady pace across the globe; however, the main driving force behind the current price gains seems to be originating from Japanese, South Korean, and other Asian consumers and traders.
Caution should be exercised though; the current rift between Bitcoin Core developers (Segregated Witness) and supporters of the Bitcoin Unlimited (Emergent Consensus) is still present. It has already resulted in a definitive split within the Bitcoin community. Confusion and uncertainty from the current stalemate could also serve as catalyst for a larger future downward price correction.
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