Bitcoin Hits $700 and Falls Under the Mark Within Hours

When we were writing about the Bitcoin early Monday we predicted that the $700 mark was going to be hit in the hours to come. That happened fairly early and quickly after publishing the text we had to update it with the information that $700 was indeed reached. However, the cryptoccurency lost its power and within hours it dropped below the threshold; ever since, it’s been trading right under the $700 mark, unsuccessfully trying to reach it once again.

In terms of Bitcoin-related news it can be said that it’s been quite calm on the front. Once again the hot topic for global media turned out to be the Ethereum and its recent price surge. Namely, Bitcoin’s main rival significantly improved its value and from $10 a week ago it jumped at $18 yesterday. Understandably, this movement didn’t go unnoticed and enabled the cryptocurrency to steal the show yet again.

Because of the lack of events, regulations and interesting information, today’s post will be focused solely on the Bitcoin’s price and its recent movements. We will overview the situation on the price chart, check the signal by the indicators and provide expert opinion regarding the possible price changes in near future.

Current Trading Price $674.99; Volume Soars Once Again

One thing that global media somehow missed to mention was the fortune of about $700 million the creator of Bitcoin reportedly holds in his/hers possession. Even though Satoshi Nakamoto’s identity still remains a mystery, traders are well aware that the person owns approximately 1 million coins. Considering the fact the $700 was hit two days ago, it can be concluded that the founder of the world’s most popular cryptocurrency need not worry about the future.

However, back to the price chart, we can see that the current trading price has dropped a bit in the last two days. More precisely, the decline noted in the past 24 hours is -2.22% after the value per coin settled at $674.99. Even though it constantly moves up and down, the general trend at the moment is negative. The highest price hit during that period is $686.46, while the day’s low is drastically lower $655.40.

Nonetheless, the price decrease didn’t affect too much the market cap; namely, its value still remains over the $10 billion mark with its $10,562,541,113. The volume has been soaring lately too at $154,080,000. However, two days ago its value was for about $100k higher, thus this drop perfectly reflects the latest price movements.

Indicators’ Signal Shifts to Strong Sell

We did mention last time that several technical indicators were warning traders that the Bitcoin was being overbought, an occurrence that often leads to price declines. The predicted scenario happened and today we see the Bitcoin even under the $680 mark.

When it comes to the signal sent by the technical indicators and the moving averages, it can be easily noticed that it shifted from strong buy to strong sell. Today, not a single indicator is pro-buy, whereas only four averages predict a positive price movement of the currency.

Six indicators, however, alongside eight averages send a sell signal, suggesting the value will keep falling. There are also five neutral indicators among which the STOCHRSI, the Williams %R and the CCI this time show that the Bitcoin is being oversold.

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