Well, ever since the possible Bitcoin creator was revealed, the Bitcoin has been constantly mentioned in popular media worldwide. However, that newly-found popularity didn’t affect its value too drastically and we saw it climb, then fall and then jump again. When we last left it on Friday, the currency was trading for about $445-450, but obviously a lot changed several hours later.
The price chart shows that in the evening, the same day, the Bitcoin jumped and that trend remained over the weekend. That’s always a good sign, especially if the currency manages to stay on the higher mark until the next price increase.
Aside from the interesting price movements, there was also some cool news related to the Bitcoin. Namely, Craig Wright is still making waves with his lack of evidence that he’s Satoshi Nakamoto indeed, while a small Swiss town showed interest in embracing the Bitcoin.
Bitcoin Cannot Be Saved?
In the middle of the mess created by Craig Wright who claimed to be Satoshi and then publicising the whole event even though Bitcoin’s creator never wanted fame, the reputable medium Telegraph published an article claiming the Bitcoin cannot be saved by its creator, whoever he is. The author writes that the cryptocurrency is becoming too big for the network designed by Satoshi, resulting in delayed transaction time and a possible collapse in the future. However, considering the fact that Bitcoin was pronounced dead too many times before, we will choose to wait and see how everything unravels before making any dramatic statements.
On the more positive side of the events, we have Swiss town of Zug launching a new pilot project that reveals their intention to become a crypto valley. The town has decided to accept Bitcoin payments up to 200 francs, which is around $206. This region is best known for low taxes, but now authorities announced that they want to welcome new technologies as well by offering residents to pay municipal services with the world’s most popular cryptocurrency.
Volume Drastically Drops; Indicators Recommend Traders to Sell
In terms of price and value, the chart shows a general movement in the upwards direction. The culmination is seen an hour before 7th of April, when the price reached $459.43 and then went back at the current trading price of around $455.
In the past 24 hours the situation hasn’t been too stable, with the value going up and down for several dollars. The lowest price seen during the period was $454.69, whereas the highest was $457.45; the latter one was reached twice. The current trading value per coin is high $458.02.
With the latest price increase the market cap has finally breached the $7 billion threshold; its today’s value is $7.09 billion. The volume, however, has declined at very low $37,004,800. This predicts that the price will either remain the same or fall in the days that come. That supports the sell signal received from the technical indicators and the moving averages.
A total of five indicators and eight averages are pro-sell. Nonetheless, the situation is not really black and white since there are also four neutral and two pro-buy indicators as well as four pro-buy moving averages. Regardless whether you choose to believe the majority of the pessimistic indicators or the few optimistic ones, we advise you to trade very carefully and be ready for the Bitcoin to move in an unexpected direction and change its value often.