Even though everyone is hoping to see the Bitcoin hit the long awaited threshold of $630, the Bitcoin still doesn’t seem capable of reaching the mark. For now, the furthest it managed to get is $629.43, a price recorded yesterday evening.
At the time of this writing, the technical indicators and the moving averages were quite negative with their strong sell signal. The overall price change has been negative as well, while the market cap has dropped. Thus, unless something drastically changes in the next few hours, it’s quite unlikely to expect price improvements today.
Other than that, Bitcoin enthusiasts have been introduced to a tracker fund that lets them invest in the cryptocurrency, plus Spain’s largest bank has said “yes” to use of Bitcoin. In conclusion, the Bitcoin-related news around the world have been generally positive.
Bitcoin Startups Want to Conquer a $500 Billion Remittance Market
Approximately 230 million people send around $500 billion in remittances every year, according to Quartz. This market with an incredible potential is the perfect place for Bitcoin startups to present the cryptocurrency in its best light by offering instant and cheap transactions; something that other companies like Western Union and MoneyGram cannot offer because of the nature of their operations.
Aside from this piece of information, which shows one of the many aspects in which the Bitcoin can lead, comes good news from Spain. Namely, Spain’s largest bank Banco Santander published a report under the name “Brazil: Banks & Financial Services: To Bitcoin Or Not To Bitcoin?” The final conclusion of the report is that the bank says “yes” to the cryptocurrency, drastically improving its popularity.
Finally, another thing interesting to mention is the announcement for the launch of a Bitcoin fund in the coming weeks. In addition to Bitcoin, DLT Financial, once live, will track the index of a total of 10 digital currencies including Ripple and Ethereum. However, there’s still a lack of information regarding how exactly the fund will operate and more details are impatiently awaited by cryptocurrency enthusiasts.
Bitcoin Trades at $604; Price Declines for 2.57%
The current trading price of the Bitcoin on our price chart is $604.53, which is much lower than Friday’s $620.06. The overall price change in the past 24 hours has been 2.57% and it affected the market cap. The market capitalisation is once again at $9.63 billion.
The day’s highest price is set at $629.05 for now, whereas the lowest recorded point is $600.21. Considering the fact that the high of 24 hours was seen yesterday evening and afterwards the price didn’t go over $610, it can be concluded that the Bitcoin has lost its power for the time being. The volume, however, remains relatively strong over $85,000,000.
With such numbers on the price chart, it’s only expected to receive a strong sell signal from the indicators and the averages. Seven out of 11 indicators are pro-sell, while only one is pro-buy. There are three neutral and the STOCHRSI is showing signs that the Bitcoin is overbought.
The situation is even more drastic among the moving averages where 12 out of 12 are sending a strong signal.
In conclusion, in the next few hours it’s highly unlikely to see a price improvement. However, that doesn’t exclude the option for the situation to change and to see the $630 threshold finally hit.