The surge of the cryptocurrency continued yesterday and during today’s Asian morning however it was not able to reach the last week high yet. Despite the fact that the cryptocurrency covered Friday’s losses, marking possibly a temporary stabilization, fears of high volatility remain according to media reports. The high volatility, could also be a factor which prevents large businesses from accepting the cryptocurrency and hence reducing its overall acceptance as a payment method, having an unseen detrimental effect on Bitcoin and highlightening its role mostly as a speculative instrument.
Bitcoin continued to rise yesterday and today during the Asian morning, it broke the 15580 resistance zone and its price hovered slightly above it. Our opinion is that the direction of the cryptocurrency could continue currently on a sideways manner with the risks still tilted to the downside. Should the bulls take the driver’s seat, it could break the 17000 resistance level and aim for the 19500 resistance zone. On the other hand should the bears take the reins, bitcoin could break 15580 resistance level and test the 14000 resistance zone.