Bitcoin above $4000, which the next stop?

Bitcoin price made a firm upward move to push beyond $4,000 and chalk in a high above $4,100 at press time after flirting with the level over the last few days. Trading data from Bitfinex reveals bitcoin trading to the dollar near $3,900 at the start of the day.

Now back above the $4,000 mark, the momentum stuck as trading climbed further for price to register a new 7-day high of $4,112 on Bitstamp.

With the Bitcoin price now surging past $4,000 once again, things are looking rather promising for the world’s leading cryptocurrency. The current price trend has exhibited rather low trading volume, yet it shows the market is more than willing to put everything that happened in China behind us. After all, no country dominates the Bitcoin market and no bank can effectively regulate Bitcoin itself. Any efforts made in this regard are a waste of time in the end.

With the positive price action, investors appear to also be turning a blind eye toward news out of China that indicates at least one major domestic bitcoin exchange has followed through on apparent orders from regulators to stop yuan trading.

"All customers will be able to withdraw all their funds from our exchanges within 72 hours," BTCC said in a statement.

Whether or not the Bitcoin price will remain above US$4,000 remains to be seen. We have seen a few attempts to rally at this point before, and they all ultimately failed pretty quickly. Right now, there is nothing preventing the Bitcoin price from remaining at this value, though the trading volume isn’t exactly spectacular. These are interesting times for the world’s leading cryptocurrency; that much is certain.