On the same day the U.S.government began discussions about Bitcoin, the value of the digital currency is skyrocketing.Bitcoin’s value hit $900 on Mt.Gox exchange around 5 p.m.PST Monday, up more than 70 percent from Sunday’s close and setting an all-time high in the process.But, it also just dropped to $650 within the past 30 minutes, highlighting the current volatility of Bitcoin.The value of Bitcoin only hit $400 for the first time last week, and $500 for the first time on Sunday.Today’s spike is likely due to The Department of Justice noting that Bitcoins can be “legal means of exchange,” and U.S.Federal Reserve chairman Ben Bernanke writing that Bitcoin “may hold long-term promise,” even though he said the Federal Reserve has no plans to regulate Bitcoin.If you aren’t familiar with Bitcoin, it’s the emerging decentralized, virtual currency gaining popularity lately in light of the FBI shutting down Silk Road, the online marketplace for illegal drugs and illicit services.

Bitcoins exist only online, can be transferred right away and are not controlled by a central authority like the Federal Reserve.We recently wrote about a Seattle grilled cheese foodtruck that is now accepting Bitcoin and also noted how the world’s first Bitcoin ATM was just installed in Vancouver, B.C.Up to this point, it’s been unclear how or if governments will try to regulate the system.But today’s news certainly indicates some hope for those in favor of digital currency.Here’s a good place to learn more about Bitcoin and how it works.Now, Bitcoin is trading at around $770 an hour after dropping from $900 to nearly $600.Bitcoin prices have shot past $900, the latest move in a week of dramatic market increases.The digital currency’s price peaked at $911.99, according to data from the CoinDesk USD Bitcoin Price Index (BPI).Prices haven’t exceeded the $900 level since mid-January 2014, BPI data shows.At press time, the price is hovering around an average of $902.92.The development comes only two days after markets worldwide crossed the $800 mark, followed by additional action yesterday that saw the price exceed $870 before dipping.

The rapidly climbing price has sparked headlines across major news outlets, culminating a year of dramatic market movements that have followed events like the UK vote to exit the European Union and the election of Republican Donald Trump to the US presidency.Image via Shutterstock The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.Previous Article Dubai Appeals to Startup Ecosystem for Blockchain... Next Article Classic and the DAO: What Drove Ether Prices in 2016Key Points Bitcoin price busted higher against the US Dollar and broke a major resistance at $900.Yesterday’s highlighted bullish trend line on the hourly chart (data feed from SimpleFX) of BTC/USD was a perfect support and buy area.The price corrected lower, tested the trend line and bounced back.Bitcoin price continues to gain momentum against the US Dollar and traded past $900.

Let us see if the BTC/USD pair can challenge $1000 or not.Bitcoin Price Bullish Trend There was no stopping Bitcoin price, as it busted higher against the US Dollar, and broke yet another important resistance at $900.Yesterday, we saw how the price traded above $800 and gained pace for a ride above $850.I highlighted the chances of a minor correction in BTC/USD yesterday.bitcoin exchange in egyptThe price did correct a few points, and jumped sharply to gain pace.bitcoin airdropThe most important point was that yesterday’s highlighted bullish trend line on the hourly chart (data feed from SimpleFX) of BTC/USD acted as a good support.bitcoin jabberIt provided bids, and helped the pair in gaining momentum one more time.bitcoin pool url

The price traded higher and today went past another crucial resistance of $900.If the current momentum and pace continues, there is a chance that the pair may even test the $940 handle soon.The same trend line support is still intact on the downside, and may provide support if the pair corrects lower towards $900 (data feed from SimpleFX), else $880 when we consider average of other brokers.prepaid sim bitcoinAn initial support on the downside is at 23.6% Fib retracement level of the last leg from the $865 low to $927 high.run bitcoin server ubuntuOne may continue buying dips as long as the current market sentiment is intact.ethereum bettingLooking at the technical indicators: Hourly MACD – The MACD is super bullish, and calling for further upsides.ethereum public key to address

Hourly RSI (Relative Strength Index) – The RSI is in the overbought levels, but with no sign of a correction.Major Support Level – $900 Major Resistance Level – $940 Charts courtesy – SimpleFX Disclaimer:The price of bitcoin surged today, rising more than 9% and exceeding $900 for the first time in nearly a week.Average prices across exchanges breached this level at 17:45 UTC, rallying to as much as $906.38 by 20:00 UTC, the highest total observed since 11th January on CoinDesk's USD Bitcoin Price Index (BPI) reveals.bitcoin charts plnOverall, bitcoin prices climbed into the low $900s after gaining more than $50 earlier in the session, rising to $896.75 by 08:15 UTC after opening at roughly $830.By climbing more than 9% during the session, bitcoin prices broke out of the relative calm they had enjoyed for several sessions, when the digital currency’s price repeatedly fluctuated between $800 and $840.

Yet, under the surface, there have been changes in sentiment.Following the decisions by China's central bank, the People's Bank of China (PBoC), to meet with major exchanges last week, nobody knows for sure whether China’s central bank will take further action.Such uncertainty, it seems, has given way to positivity."It seems the PBOC is not going to do anything further damaging than limiting leverage," Kong Gao, marketing manager at China-based trading firm Richfund, told CoinDesk.Other China-based traders, when surveyed, acknowledged that there is a perception the central bank will take no further action.However, there were signs that the absence of any news has given way to speculation.Rik Willard, founder and manager of Agentic Group, for example, theorized that the wider belief that the PBoC's actions may have been a way of the bank testing its market influence."If I were the Chinese government, I'd be testing the power that my words (regulatory or otherwise) have over the global marketplace," he said.