On Monday we expressed hopes to see the Bitcoin breach the $430 mark and stay there. However, today we witness something even better since the cryptocurrency has jumped over $435 and it’s been holding that position for several hours now.
Even though two days ago the indicators were sending a strong buy signal, we learned the hard way not to take their signal for granted; especially after a series of times this same scenario resulted with a drop in value instead. Nonetheless, this Wednesday we have a reason to celebrate because the Bitcoin not only made progress, but it also scored lots of headlines in global media.
Someone Pronounce It Dead, Others Find It Better than Gold
Even though the recent change in value is extremely interesting to traders and Bitcoin owners, it’s important to pay attention to the image this currency has worldwide. There have always been two opposing sides; one pro-Bitcoin and another strongly against it. This opposition can be clearly seen in headlines from these past two days.
So, since everyone usually starts with the bad news, we choose to mention articles that are questioning the Bitcoin and its future. For example, the Wall Street Journal published an article in which the author wonders whether the cryptocurrency is safe. Additionally, the CEO of TransferWise Taavet Hinrikus gave an interview for Yahoo Finance claiming that “the Bitcoin is dead.”
Nonetheless, there were articles that highlight Bitcoin’s positive sides as well. It’s even more entertaining to notice that one of those is published by no other than the Wall Street Journal. This text explains that the 24 days of low volatility was the longest period in which the Bitcoin has been less volatile than gold. In other words, the author is trying to say that the cryptocurrency is more stable than gold! Plus, Nasdaq called the Bitcoin Blockchain “the biggest thing since the Internet.”
Bitcoin Trading Around $435; Once Again Indicators Send a Strong Buy Signal
It’s time to move on to more technical stuff and see what the Bitcoin price chart has in stock for us today. As you can see, in less than two hours after midnight the cryptocurrency noted a sharp jump from $430.40 to $435.06; to make everything even more dramatic, we want to highlight that yesterday night the Bitcoin was trading for $428; thus, the value improvement is around notable $7.
In terms of daily price range, it can be said that the lowest value per coin noted in the past 24 hours was $427.67, whereas the highest was $436.31. The movement resulted in an overall price change of 1.78% and increased market cap of $6.74 billion. Another segment that improved in the past two days is the volume, which makes sense after the recent price change.
Those wondering what to expect in the days ahead could hope for another price increase, according to the technical indicators and the averages. A total of seven indicators and 12 averages are pro-buy and send a strong buy signal. Only three indicators (STOCH, ATR and highs/lows) are neutral and a single one (ultimate oscillator) is pro-sell.