World’s most popular cryptocurrency has escaped the feared fall below $6k as the day’s range so far has been moving between $6,026 and $6,261.7. The Bitcoin has been pretty volatile in the past seven days and, as the chart reveals, on 18th of June the cryptocurrency price per coin dropped to scary $5,845.
However, it seems that the Bitcoin may have the strength to recollect its power and remain over $6k or even grow in the days to come. After all, the damage from the theft of more than $30 million in cryptocurrencies from a South Korean exchange was survived and the market could settle a bit now.
Top news today seems to be related to the US government’s plan to confiscate $24 million in Dark Web Bitcoin and the various ways this cryptocurrency has been called by experts and millionaires. All of these affect the Bitcoin price in different ways and cannot be ignored.
Nobel Prize Winner Considers the Bitcoin an “Epidemic of Enthusiasm”
Jack Ma or widely known as Alibaba’s founder and chairman highlighted the company’s support for blockchain; nonetheless, he advised against investing money in the Bitcoin, calling the cryptocurrency “a bubble” during a speech at a launch event. Naturally, when a successful person like Jack Ma makes this kind of comments, the Bitcoin is bound to suffer price drops. Especially when the news is featured across all reputable media like The Wall Street Journal.
Unlike Jack Ma, who has slammed the Bitcoin, Nobel prize winner Robert Shiller has called the cryptocurrency an “epidemic of enthusiasm” and a remarkable social phenomenon. In an interview given to Bloomberg, Shiller explained how everything related to Bitcoin was not a “rational response to new information” as the cryptocurrency keeps going up and down, but Silicon Valley remains into it.
The Yale University professor went on claiming that the Bitcoin was “a social movement” and a “speculative bubble” but highlighted that none of this meant the cryptocurrency would go to zero.
Aside from who said what about the Bitcoin, what got a lot of attention was the announced confiscation of 4,000 Bitcoins by the US government. Namely, these coins were seized during a crackdown on dark web marketplaces and their current worth is more than $24 million. Reportedly, two men from Maryland allegedly manufactured and distributed drugs via these marketplaces. As part of the incitement, the government wants to confiscate 4,000 coins that are believed to be proceeds of the illegal activities by the accused.
Technical Indicators Advise Traders to Sell
With the current price at $6,093.07 and volatility of 60.21%, most of the technical indicators and moving averages indicate a strong sell signal. The volume is high 19,771 and the day’s range goes between $6,026 and $6,261.7; yet, all indicators consider selling to be the best options.
For example, let’s take a look at the technical indicators. The RSI has a value of 34.392 and the Williams %R is in the negative 69.234. The ultimate oscillator is set at 44.775, while the ROC is in the negative too with a value of -3.226. With 11 out of 11 sending a sell signal, traders should proceed with caution if they plan to buy Bitcoin.
Similar situation can be seen among the moving averages as well. Namely, 12 out of 12 are advising traders to sell. A few values to note are the 5-day SMA and the 50-day SMA; namely, the first has a low value of 6143.4, whereas the later is much higher 7398.8.