$5,850: Bitcoin sets new all-time high – the long trend is bullish analists says

Bitcoin has hit a new all-time high today, with prices reaching $5,855 on the CoinDesk Bitcoin Price Index.
At press time, the bitcoin-U.S. dollar (BTC/USD) exchange rate is trading at $5,500 levels. Week-on-week, BTC is up 25 percent, while month-on-month it’s up 39 percent. The new record broke a previous all-time high of $5,013 set in September.

All in all, it’s a sharp reversal of trend given the cryptocurrency dropped to a low of $2,980 in mid-September on the news China had banned token sales and that local cryptocurrency exchanges would shut in the aftermath. However, in subsequent days, bitcoin’s price quickly regained, reportedly due to a pick-up in trading volumes in Japan, South Korea and other markets.

Increased institutional interest seems to have played a role in boosting bitcoin prices.

For example, a rumored „bitcoin desk” at Goldman Sachs would certainly be a game changer for the nascent market. Still, it’s just the latest sign professional traders are increasingly interested in the market.
Further, even while skeptics continue to call the bitcoin rally a bubble, the price action analysis indicates no serious trouble ahead for the cryptocurrency.

All major moving averages – 50-day moving average, 100-day moving average and 200-day moving average – are perfectly aligned one below the other, which indicates the long-run trend is bullish.

Source: coindesk.com