At any given time, all markets consist of buyers and sellers.When there are more sellers than buyers, prices go down, and when there are more buyers than sellers, prices go up.Right now, more people are buying bitcoin than selling it.It's that simple and as much as everyone will try to find reasons for the phenomenon, there does not need to be one.The most obvious reason for the rising price is being attributed to the Winklevoss Bitcoin ETF, COIN, which is due for a U.S.Securities and Exchange Commission (SEC) decision by March 11, but may occur at any time before that date.Several USD exchanges made new all-time highs (ATHs) in price today.Bitfinex, Bitstamp, BTC-e and Coinbase, exchanges that established their previous ATHs in 2013, all made new highs.Brave New Coin's index, BLX, also made a new ATH, while GDAX, Coinbase's asset exchange, broke its previously established high of $1,175 on January 2, as well.Gemini, an exchange owned by the Winklevoss twins, also broke their ATH.GBTC, a bitcoin investment trust that once held a large premium, which has been shrinking in recent months, has not yet made a new ATH and is now trading below spot price.

The Chinese exchanges OKCoin and BTCC have not made ATHs at the time of writing this article.This suggests that demand and price action are largely driven by USD buyers.The previous OKCoin high was 8888 CNY.As per regulatory request of the People's Bank of China (PBOC), bitcoin withdrawals are currently halted on these Chinese exchanges as well.Because there is no actual resistance remaining on the chart, traders must use mathematical methods to attempt to predict a price target.It is always possible that these targets become meaningless with price entering a large parabolic leg upward until no buyers remain.Pivot points are calculated from previous support and resistance levels.For yearly pivots, the horizontal support ( S ) and resistance ( R ) levels are calculated on January 1 of each year and do not change until the next year.Currently, price is sitting just below the R1 pivot.A clean break of the R1 would suggest a reach and test of the R2 pivot at $1,400.You can see how accurate these levels have been the prior year as well.

Fibonacci extensions are another way of calculating support and resistance levels based on previous price, in this case an extreme high and an extreme low.The 1.618 extension yields a target of $1,445 as a potential resistance zone.bitcoin vps germanyPsychological resistance can also manifest, where traders subconsciously tend to focus on factors such as: 1.bitcoin saudi atmRound, even numbers like 1,000 or 1,050; 2.bitcoin dollar equivalentCulturally relevant numbers like 666.ethereum mh/sThe number four is bad luck in China, whereas the number eight is good luck; 3.bitcoin funding team scam

Comparing markets to other assets.Should digital gold, bitcoin, be worth more than actual gold per ounce?The now defunct exchange, Mt.Gox, had an established ATH of $1,242, which may act as a type of psychological resistance as well because bitcoin price has never been higher than this in USD terms.bitcoin segwit releaseUSD exchanges and demand have driven bitcoin prices higher while Chinese exchanges have taken a backseat.bitcoin rapperAlthough no resistance remains beyond the ATH, there are mathematical methods to calculate the next resistance zones, such as pivots and Fibonacci extensions, which yield targets of $1,400 and $1,445 respectively.litecoin web walletBitcoin has never traded above $1,242, a Mt.litecoin coinbase

Gox ATH, or above the USD price of gold per ounce.Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks.This analysis is for informational purposes and should not be considered investment advice.Statements and financial information on Bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold.Past performance is not necessarily indicative of future results.Latest 30-Day Estimate Loading... Latest 60-Day Estimate Loading... This site tracks the volatility of the Bitcoin price in US dollars.Volatility is a measure of how much the price of a financial asset varies over time.Volatility means that an asset is risky to hold—on any given day, its value may go up or down substantially.The more volatile an asset, the more people will want to limit their exposure to it, either by simply not holding it or by hedging.

Volatility also increases the cost of hedging, which is a major contributor to the price of merchant services.If Bitcoin volatility decreases, the cost of converting into and out of Bitcoin will decrease as well.The standard deviation of daily returns for the preceding 30- and 60-day windows.These are measures of historical volatility based on past Bitcoin prices.When the Bitcoin options market matures, it will be possible to calculate Bitcoin's implied volatility, which is in many ways a better measure.For comparison, the volatility of gold averages around 1.2%, while other major currencies average between 0.5% and 1.0%.The chart above shows the volatility of gold and several other currencies against the US Dollar.Series marked with an asterisk are not directly comparable to series not so marked because fiat currency markets are closed on weekends and holidays, and therefore some price changes reflect multiple-day changes.Such multi-day changes in price are excluded from analysis, and therefore, the 30- and 60-day metrics for these series use fewer than 30 and 60 data points.