• Bitcoin (BTCUSD on xStation5) soars almost 7% and makes its new all-time peak
  • While BTC gains momentum while its major peers lag behind
  • Some reports suggest that trading of cryptocurrencies in China could resume

Bitcoin’s buyers have gone nuts once again as the price of the most famous digital currency has established its new all-time high storming $5100 in early trading on Thursday. Notice that Bitcoin has gained as much as $800 since Sunday and if that a move keeps its impetus till the end of the week, it could end up with the best week for Bitcoin ever. How far can we go? Let’s take a closer look at Bitcoin.

link do file download linkBitcoin breaks through an upper limit of a channel and could have already opened up space for further increases. Source: xStation5

Technically, the Bitcoin price has already managed to break through an upper limit of an ascending channel which suggests that bullish momentum is extremely powerful. Once the virtual currency keeps on moving up buyers are likely to look around for another objectives to strike and they can be found nearby $5300 and $5600 respectively. By the way, while the Bitcoin is carving out room to make a new high its main peers are lagging behind what we’ve illustrated at the chart beneath.

link do file download linkBitcoin soars while its major peers hold onto their range trading at the same time. Source: xStation5

Although, the big blow to the Bitcoin price came from China a few weeks ago as the country’s watchdog decided to ban all activities related to digital currencies, there is a likelihood that a well more decent story could come from there as well. Namely, some reports which have swirled across financial markets of late have suggested that trading in the world’s second-largest economy could resume. For one, a report by, citing Chinese state-owned news company Xinhua, said that Bitcoin trading will likely resume with more regulation. This could include new licensing and anti-money laundering regulations to be implemented by exchanges. It could be a belated boost for Bitcoin being built on a possible resumption of trading in the Chinese market according to Aurelien Menant, CEO of cryptocurrency exchange Gatecoin.

Other news related to cryptocurrencies:

  • The Securities and Exchange Commission (SEC) might be unprepared and has no competence when it comes to Bitcoin, according the former head of the US regulator.