Bitcoin finally broke above the big resistance at $600 today. The digital currency had not traded near this level since the 11th of August. The market has pulled back somewhat after the initial spike. Bitcoin traded as high as $610.87 today, according to data provided by OKcoin, one of the largest digital currency exchanges in China.
This is the highest bitcoin has been since the beginning of August, following the savage plunge down to $477.98 in the aftermath of the Bitfinex hack, where close to 1% of all bitcoin in existence were stolen. Those coins still haven’t been recovered by authorities, but despite the high profile theft, faith in the digital currency remains strong as the bitcoin network itself remains secure.
Following the Bitfinex theft, bitcoin traded in a sideways channel for the entire month of August, establishing a floor around $565.
The big question now: will the former resistance at $600 now turn into support?
