Since the beginning of March, Excon Fuji Securities, recommended bitcoin as it kept ticking higher along a new trend. The price rallied for a few trading sessions with the market correction occasionally drags the price down to reverse then releases it to start rising again.
Bitcoin prices have been holding a steady decline over the past months, even with the online currency becoming more popular with reputable merchants stepping in, including Expedia, PayPal, Dell, and Overstock.
Bitcoin is a digital currency that is not regulated by a central bank or government. It is used to purchase services and goods from online retailers.
On Tuesday, the virtual currency moved up to score a high at the $298 level, amid strong traders' confidence in bullish chart signals suggesting strong volume growth in the upcoming trading sessions.
The BTC/USD pair price increased 0.99% or $2.92 on Bitfinex to trade at $294.75 during U.S. morning hours. BitStamp price (Bitcoin Slovenia-based exchange) gained $5.36, or 1.86%, to trade at $292.88, while the BTC-e price (Bitcoin Bulgaria-based price) increased $3.62, or 1.26%, to trade at $290.50.
The BTC/EUR currency pair jumped €7.18 or 2.69%, to trade at €274.00 on Kraken Exchange. BTC China (yuan-denominated Bitcoin prices) climbed 41.39 yuan, or 2.3%, to trade at 1,843.33 yuan.
According to the price pattern of the virtual currency during the past few days, Bitcoin price is expected to pull back to touch the support level at $288 before climbing again towards the $300 resistance level.
