Somewhere between some cool as well as some hard-to-believe Bitcoin related news, the cryptocurrency managed to continue its upwards movement and reach yet another milestone. Today, the trading price per coin moves around $415, with indicators signalling the trend will probably last in the days to come too.
It seems that the currency found its path towards reaching new highs and we believe that finally the expectations set for 2016 may become reality. In addition to the positive price details, there was some news that we think are worth mentioning to our readers. Keep reading and find out what the Bitocoin has been up to these past two days.
IBM Believes in Bitcoin Technology; Bitcoin Summer School in Greece
IBM not long ago announced that it was committed to making blockchain technology mainstream and ready for business. These statements motivated TechRepublic to prepare an in-depth analysis on whether IBM’s support was enough for the cryptocurrency to become widely accepted in the business world. The conclusion by the author was that the Bitcoin technology was still in development and it needs time and dedication before it becomes a concept loved by companies.
Also, semi-positive news is the fact that Germany, alongside the other EU members, isn’t only focused on cracking down on Bitcoin, but cash as well. Turns out the country plans to introduce a €5,000 limit on cash transactions; this shows that the countries are indeed dedicated to prevention of money laundering and terrorism funding rather than simply attacking digital currencies.
In Greece, nonetheless, this summer interested people can attend a Bitcoin summer school, whose goal is to increase Bitcoin awareness. This info goes arm in arm with the Australian Flux Party’s plan to replace the current outdated political system with the help of Bitcoin.
Price Technical Analysis
So, last time we wrote about the Bitcoin price it hit the $410 mark and made every single Bitcoin fan worldwide happy. Today, the situation is even better with a current trading price of $414.21 and a daily high of $415.45. The daily low is good $405.62, whereas in the past 24 hours the price never dropped under $400.
The volatility today is set at 50.54%, whereas the market cap’s value is $6,330,424,612. The volume of coins settled at $77,113,900 or 10,851. If you pay attention to the change in the past 24 hours, you’ll notice that the Bitcoin’s price has improved for 3.06%. These positive numbers suggest further growth in value, a prediction that is supported by the indicators as well.
In comparison to Monday’s situation, once again both indicators and averages send a strong sell signal. However, this time the numbers are even more into the pro-buy territory with a total of nine indicators and 12 averages.
There are, however, two technical indicators STOCH and Williams %R whose respective values of 84.863 and -12.147 show that the Bitcoin is being overbought at the time. Nonetheless, the overall image is suggesting that the cryptocurrency would probably jump again and we recommend you to trust that prediction.