After the shocking several months of huge price fluctuations, the Bitcoin has stabilised under the $400 mark. Today, we find the virtual currency pretty much where we left it last week, around the $350 threshold.
However, even though there haven’t been any dramatic changes when it comes to Bitcoin value, there certainly have been several interesting events that caught our attention. Each one of them is very positive for the cryptocurrency and may affect it in a good way on the long run.
Satoshi Nakamoto Get a Nobel Prize Nomination
Well, obviously the biggest deal in the world of the Bitcoin is the fact that Satochi Nakamoto, or widely known as the inventor of Bitcoin, has been nominated for the Nobel Memorial Prize in Economic Sciences. The list of famous laureates who have scooped this prestigious award includes Albert Einstein, Marie Curie and Ernest Hemingway.
Therefore, it’s easy to understand why this nomination means a lot to the Bitcoin as a cryptocurrency since it improves its reputation and recognises it as an impressive invention. Even though nobody really knows anything about Satoshi Nakamoto, it’s a real honour to see this pseudonym related to such a popular idea like the Nobel Prize.
Two other interesting news about Bitcoin note progress in Europe and the USA. In the first case, the Bitcoin service provider Cashila released a Euro-to-Bitcoin payroll system. With its help, European employees now can receive their paycheques in Bitcoin. The second event is a win for the currency of the future in Detroit. Turns out, the Bitcoin is back in Detroit after the first Bitcoin ATM has been installed in the city.
Buy is Once Again in the Picture
After last week almost all technical indicators and moving averages indicated that traders should sell, this week starts with a strong buy recommendation. The intraday support level is placed at $310, while the intraday resistance level is hopeful $500. However, let’s take a closer look in the Bitcoin price chart and all the other important indicators.
First, we should note that the current trading price is decent $379.76. Obviously, that’s much lower than $500, but still better than the record lows of under $200. The day price range goes from $359.06 to $385.35. Thus, the year to date change is still slightly over 20% i.e. it’s set at 21.02%.
The market cap has fallen to $5.34 B, while the volatility is 17.71%. The volume has finally slowed down as well and fell under 100,000. Today, it’s calmed at 76,039.
As we already mentioned, most technical indicators indicate buying. Such indicators, for example, are the 14-day RSI (56.351), Williams %R (-24.491), ROC (2.207) and several more. Additionally, the atmosphere is still bullish, which means that soon we might witness a price jump.
Similarly, 11 out of 12 moving averages point buy as the best option at this time. For instance, the 200-day SMA and EMA have respective values of $363.74 and 359.29, thus clearly signal traders to buy. The only MA that is against buying is the 100-day SMA with its value of $371.28.
These following weeks will be very interesting since currently the cryptocurrency has stabilised and it’s hard to guess whether it will start moving in a positive or negative direction. However, until the US interest rate hike becomes reality, an event which would probably hurt the Bitcoin value, we believe that there won’t be any serious drops in the Bitcoin price.