The price of bitcoin shoots up to its highest level in almost five months on Tuesday. The world’s largest cryptocurrency bursts up 17 percent within 30 minutes today.

The bitcoin is a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries

This hike will gain credence though, if and when BTC finds acceptance above the former support-turned-resistance of the 21-month exponential moving average (EMA), currently at $5,200.

The Bitcoin could get a reduction of value to $4,400 if signs of bullish exhaustion increase in the next few days.

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