Bitcoin Hits $450 for the First Time in Almost Four Months

It was a cold 7th of January, 2016, when the Bitcoin was last seen settled over the $450 mark or, more precisely, at $456.45. The following days weren’t the best ones for the cryptocurrency since it fell under $400 and had lots of trouble to get back on its feet.

After lots of volatility and dancing back and forth, about a week ago the Bitcoin started moving into an upwards direction and seemed strong enough to maintain its pace. As a result, we finally saw him today, after almost four months spent below the threshold hitting $450.03 for a short period of time. Even though in less than 20 minutes the digital currency went at $448.34, the moment has to be remembered nonetheless.

This fabulous price increase was accompanied with interesting news that Steam was planning to accept Bitcoin. Obviously, such a move would mean additional option for spending your coins and it would be gladly welcomed by gamers.

On the less positive side, Fortune reported of a case involving a Florida man, Bitcoin and J.P. Morgan Chase. According to the article, Michael Murgio was operating an illegal exchange where he and his partners were knowingly exchanging cash for Bitcoins for victims of ransomware. Moreover, the Bitcoin couldn’t get a rest in India where, despite good news earlier this year, it still has a reputation of a tool used by arm dealers, drug traders and sex syndicates.

Current Trading Price $447; Volume Virtually Unchanged

So, two days ago the most important piece of information was the fact the cryptocurrency breached $435; today, we can’t stop talking about it going over $450. Nonetheless, the current trading price of the Bitcoin is $447.85 and the value has been constantly moving between $444 and $447. According to the numbers on the price chart, the price range in the past 24 hours has been moving from $441.14 to $450.03. Nonetheless, the currency failed to remain for a longer period of time at both marks. In terms of change in value, the 24-hour movement has been in the positive 1.11%.

The market cap keeps growing alongside the Bitcoin price; today it’s a bit over $6.90 billion and we could soon see it hitting $7 billion if the cryptocurrency continues to grow. The volume is set at $65,628,600, meaning it hasn’t changed too much in the course of 48 hours.

The Positivity Slows Down

If you compare today’s values of indicators and averages with the ones noted two or four days ago, you’ll notice that the positivity is slowing down a bit. After we had a strong buy signal from the majority of the indicators, today we can see that they’re now recommending traders to sell. There are still four neutral indicators, but out of the other seven four are pro-sell and only three are pro-buy.

When it comes to moving averages, the situation has changed there as well. Two days ago all 12 of them were strongly suggesting that buying was the best option. Today, only seven simple and exponential moving averages are signalling the same.

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