Bitcoin price hits a monumental high of $6,000

The price of bitcoin has reached a record-breaking high of $6,000 USD across multiple global exchanges, with a current 24-hour volume of $1.7 billion. From Japan and the US, to countries like Zimbabwe and Venezuela where BTC is used to escape hyperinflation, proponents all over the world are thrilled.

There has been more than a 700% climb throughout this year, with still two more months to go. The $1,000 price was captured back in January. Bitcoin reached $2,000 back in May. In August the price rose from $3,000 to $4,000. A few weeks ago the price reached $5,000. Now, in mid-October, Bitcoin has reached $6,000. The rising popularity among users has led to a rise in the number of merchants who accept bitcoin.

With these milestones, Bitcoin has caught the attention of mainstream media outlets such as CNBC, Wall Street Journal, Bloomberg, and many more. Former Bear Stearns Limited partner, Jeffrey Epstein, along with Fundstrat’s Tom Lee and Fortress’s Michael Novogratz, all believe in Bitcoin’s great potential. Novogratz thinks the price of a bitcoin will reach $10,000 in the next six to ten months. Tom Lee thinks it could reach $25,000 in just five years, if bitcoin investors were able to capture just 5% of the gold market.

In addition to these milestones, the network hashrate has also reached at an impressive nine exahash per second twice this year, with over 300,000 daily transactions. Although some miners are switching between the BTC and BCC chains, the hashrate still continues to increase.

Furthermore, with companies like Blockchain and Coinbase issuing over 27.5 million wallets to bitcoin users, wallet adoption has intensified as well. All of these network attributes have increased in spite of the warnings from the People's Bank of China, the closing of Chinese exchanges, and increased regulations for cryptocurrencies worldwide.

Bitcoin’s global trade volume has been captured at roughly $2-3 billion in a 24-hour volume. A massive market capitalization of over $100 billion has been amassed. Order Books across popular BTC exchanges are showing that resistance is strong above the $6,200-6,300 range. The short-term 100 Simple Moving Average (SMA) has crossed with the longer term 200 SMA thus indicating the beginning of an uptrend.

Evidently, BTC currently has control of the market and is not showing any signs of slowing down. As the Stochastic still shows overbought conditions, however, there could be some sell-off after these new peaks. A high resistance surrounding the $6,000 region is visible at 11:20am EDT and some slight consolidation has also taken place. Currently, the buyers are rallying hard to get the price back to the $6,000 price region.