Bitcoin regaining momentum?

Bitcoin regained some of the major losses it had on Friday. The cryptocurrency started to rise again since the European afternoon and has continued so during today’s Asian morning. It could be the case that Asian traders pushed the cryptocurrency’s price back up again. Another interesting fact of Friday’s rise and fall in Bitcoin would be that other cryptocurrencies showed similar behavior, making Bitcoin, currently at least, the trend setter for other cryptocurrencies. On other news headlines, the Israeli Securities Authority seems to be about to propose a ban of companies which are based on Bitcoin from the Tel Aviv Stock Exchange and the Russian finance minister stated that cryptocurrencies should be traded only by professionals, adding further to the voices urging caution.

As mentioned, Bitcoin posted heavy losses during Friday, breaking the 14,000 US Dollar barrier and briefly the 12,000 level. The cryptocurrency regained from then on and continued trading today, above the 14000 US Dollar barrier but still below the 15580 resistance line. Should it come again under selling interest, we could see the cryptocurrency trading in a similar manner once again by breaking the 14000 level and testing the 12000 barrier. Should the buying interest continue to push the prices higher, we could see Bitcoin breaking the 15580 resistance hurdle and aiming the 17000 resistance zone. It could be the case that Bitcoin is not out of the woods yet and a second sell off wave is still possible, hence we are quite hesitant to call for a new rally in Bitcoin prices at the moment these lines are written.