Bitcoin Forecast

Bitcoin has over the past few years has had its ups and downs. From being touted as the new transaction currency, breaking away from the traditional currencies, to being used as a prime currency for running an underground drug market called Silk Road, Bitcoin seems to have come a full circle.

Ex-CEO of Citigroup Vikram Pandit, has come out in support for Bitcoin and believes that the innovative product has the potential of changing the way transactions happen.

Over the past couple of months, there were ramblings in the financial markets as to how Bitcoin has lost steam.

According to many industry experts, Bitcoin is primed for greater expansion in the near future. Get the Bitcoin/USD analysis for November 13, 2014 here.

Yesterday the Bank of Ukraine announced via its website that Bitcoins cannot be used as a form of payment in Ukraine.

New York Superintendent of Financial Services Benjamin Lawsky, who has been trying to introduce a BitLicense legislation for all companies that are working with Bitcoin is rumoured to be stepping down in 2015.

Gems, an Israeli messaging app announced recently that it will be accepting Bitcoins as a form of payment. They released a statement that are trying to bring Bitcoin to the masses as they believe that Bitcoins have a bright future ahead.

A number of Japanese scholars have co-authored a paper, termed as “improved Bitcoin”, with the hope of it creating a better, low-volatility digital currency.

Many regulators over the past few months have come out in full support of Bitcoin. Get the analysis for November 6, 2014 here.

In the latest move to bring Bitcoin to the masses, Bitpay launched a new sale app called Bitcoin Checkout for in-store payments.

News emerged over the weekend that Bitcoin exchanges would now allow trading in other currencies, which would help in provide it with higher liquidity and more credibility, while providing entry for a new slew of traders.

Bitcoin experienced a very positive development as the state of NY ruled that developers working on software for the crypto-currency would not require a license going forward.

BTC/USD had a very flat session yesterday after witnessing further selling pressure in early trading. Many traders and followers of Bitcoin are of the view that post the massive volatility seen in the last couple of days, weak hands from the market may well have been forced to exit and only strong hands are now in the market.

BTC/USD on the daily charts recovered from lower levels in yesterday’s trading session and continues to exhibit buying momentum in the Asian morning session.

BTC/USD continued its downward spiral and is currently seen taking support near the $300 level. The selling pressure on the digital currency pair has pushed it below the important support zone at $340 on the back of strong volumes, which is a bearish indicator.