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Weekly High Cleared, Possible New Bitcoin Rally Once the €4,000 Resistance is Shattered

October 8, 2017 at 16:19 by Daniel Green

A new rally appears to be underway, and considering how poorly altcoins have performed this weekend, it might end up being a substantial leg up in price. The $4,679.97 monthly high is our near-term target, which is incidentally, almost €4,000 at the current exchange rate, and is serving as a psychological barrier that is holding back further growth.

This is right on cue, as the bitcoin cash community is having an elongated debate on removing the Emergency Difficulty Adjustment safeguard feature from their network protocol. Bitcoin gold is also drawing in some minor headlines, a recent article delved into more detail on how to prepare for the October fork.

Morgan Stanley’s CEO, James P. Gorman, has begun calling bitcoin more than a fad, praising the first crypto currency in a somewhat similar fashion to Goldman Sachs former VP, Matthew Goetz. Announcements from current and former high ranking banking officials, will probably be prevalent until the months end, presumably from other top US bank executives and administrators as well.

China and its regulators are prominent in the media too, with fresh articles primarily revealing more information on licensing issues, and how it will specifically pertain to local bitcoin exchanges.

Singapore has taken a different stance though, and has decided to only regulate fintech businesses, not crypto currencies and assets in general. Mr. Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister, Coordinating Minister for Economic and Social Policies, and Chairman of Singapore’s financial watchdog, the Monetary Authority of Singapore, answered questions on government policy relating to crypto currencies, the technicalities and minutia of it all was covered in a new Bitcoin News article.

BitFlyer, a Japanese bitcoin exchange, has released a new bitcoin prepaid card, offering its user base additional benefits and perks in regards to fiat conversion. Japan looks to be on the forefront of new financial services, at least according to a new article from This is in stark contrast to the latest announcement from CryptoPay, which has disabled newly issued and shipped contactless prepaid cards, and has as of late, garnered a lot of hate in the community.

Taiwan seems to be taking a slightly friendlier stance to crypto regulation, and could begin to attract companies from China and other parts of the globe, with Taiwan’s FSC chairman opposing heavy handed crypto currency regulation.

Bitcoin has steadily risen since the October 5 $4,137.96 weekly low (GMT 06:00), and after breaking through the previous $4,137.96 weekly high today (GMT 01:00), is poised to shatter the $4,679.97 monthly high, either in the next few days or possibly even sooner.

If you have any questions and comments on bitcoin today, use the form below to reply.

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