We’re rounding up this business week with the price of Bitcoin back on a strong note, after an increased buying interest took over the trading market on Thursday and started pushing the price up. The price is currently close to the $1,035 mark, while the market trends are volatile from one hour to the next.
In other news from the Bitcoin world, the Manhattan federal court has started the Coin.mx trial – one of the most publicized Bitcoin-related trials since the Silk Road days. Currently, on trial is Yuri Lebedev, the programmer allegedly involved with running the illegal Bitcoin exchange whose reported owner Gary Shalon was said to have been behind the JP Morgan Chase information breach.
Also persecuted is a New Jersey Pastor called Trevon Gross, who is on trial for allegedly accepting bribe to let the Bitcoin exchange operate through his church’s credit union. The now notorious Bitcoin exchange was operated as a “Collectables Club”, which was allegedly a front set up through the credit union for deeper operations, including information hacks and market manipulations.
Buyers Take Price Up
During the past 48 hours since our last update, the price of Bitcoin moved up from its $1,000 range and climbed back to $1,040, thanks to an increase in buyer interest. The lowest point was noted on Wednesday, when the price was $1002.03, while the highest was hit today, when 1BTC was sold for $1041.38.
The price climb coincided with a small uptick in trading interest, which sent the volume over 110million, since when it has been gradually climbing to now amount to $120,209,000. The current market cap, on the other hand, is at $16.8 billion.
Our market analysis shows that bulls are losing control of the market, since 6 out of 12 moving averages and 5 out of 12 oscillators are sending a selling signal. The SMA 100 is safely above the SMA 200 on this time frame, so there’s still room for recovery.
RSI and Williams are already in the “oversold” zone and short term analysis shows trading trends are heavily pro-sell, so a small correction is in order, for the time being. For now, the price seems locked around the $1,030 – 1,040 range between buyers and sellers, with any further direction up to the prevailing market winds. Also, keep in mind that any swing might be temporary, as has happened many times over the past days,
BTC China Prolongs Withdrawal Freeze
The largest Bitcoin exchange in China, BTCC, has announced on Thursday that all withdrawals at the exchange would not be available for approximately one more month. This is the third time BTCC is making such an announcement, following the PBOC’s (People’s Bank of China) decision to intensify pressure on capital outflow.
Only a week ago, the price of Bitcoin took a plunge after the 3 largest exchanges, BTCC, OKCoin and Huobi announced they will pause withdrawals until they are able to implement new exchange control measures. But while OKCoin and Huobi announced they will stop withdrawals entirely, for the time being, BTCC said that they will only subject them to a 72-hour review period.
However, according to the recent announcement, the review period will now be prolonged for a month, after being moved to 10 days already. The time will be spent on making changes, with the exchange promising to re-introduce withdrawals sooner if they finish ahead of time.