It seems that this year we’re going to have a real show when it comes to the Bitcoin and its value; the cryptocurrency has been constantly jumping and then falling, that it’s almost impossible to guess where it will go next. February has been especially turbulent, with the Bitcoin going over $420 and declining under $400 repeatedly.
However, at least we’re wrapping up the month in the positive territory because over the weekend the currency went over $430. In general, the Bitcoin looks good at the moment and it seems strong enough to even breach the $445 threshold.
The interesting situation on the price chart, unfortunately, hasn’t been followed by such events. There hasn’t been anything worth mentioning in the past three days and therefore today we will focus more on value and technical analysis.
Bitcoin Currently Trading for $440; Volume Increased a Bit
So, this is what actually happened during the weekend and how the price per single coin improved for approximately $15. The Bitcoin was relatively stable at $420 and then yesterday evening it started growing with a pretty fast pace. Midday it breached $430 and it stayed there (several points up and down) until Monday early morning when it hit $436.72. Most of the time it’s been over $435 ever since.
In terms of day’s range, the highest value reached by the Bitcoin was $440.36, whereas the lowest one was $429.87. In contrast, the lowest price per coin in the past 24 hours was $424.38. The previously mentioned high applies here as well.
Other crucial numbers show an increase in the market cap, which was set above $6.4 billion on Friday, but hit $6.67 today. Also, the volume has grown too; the noted 5,605 three days ago turned into 6,210 this Monday morning. That’s a good sign that the Bitcoin might continue with its rally towards $445. Volatility remained basically the same at 49.36% in comparison to 49.78% prior the start of February’s last weekend.
Further Growth on the Horizon?
As reputable global media dedicate articles on the Bitcoin and still analyse the news from last week, the technical indicators are still sending a strong buy signal. That’s shouldn’t be surprising considering the fact the cryptocurrency’s value has been constantly growing over the past few hours.
Let’s first see what the indicators are saying; six of them are pro-buy and three are neutral. This time we have two pro-sell indicators, which wasn’t the case on Friday. Some of the ones predicting further growth are the RSI (57.274), MACD (1.170) and the ROC (0.506).
All 12 moving averages, on the other hand, are still suggesting that traders should invest their cash in Bitcoin and predict price improvements. Each of them has a value lower than $433, which is by several points worse than the current trading price of $440.
To sum up all the numbers mentioned today, we can safely say that the likelihood of Bitcoin reaching new highs for the day is quite strong. Most indicators are pro-buy and all averages send a strong buy signal. Plus, the volume has gone up a bit, which is yet another positive sign. Therefore, we believe that investing in the currency now wouldn’t be a bad decision at all, even though unexpected turns can always happen in the world of Bitcoin.