Back in April the Bitcoin was most commonly seen around the $420 mark and it was often pronounced dead. Even two weeks ago the cryptocurrency was under the $500 threshold and it was constantly moving up and down on the price chart. However, last Monday the world was struck with the news that the Bitcoin almost hit $550 and the currency has been doing pretty well ever since.
Over the weekend even the $580 milestone was reached and there are no indicators that the situation is going to change anytime soon. Meanwhile, global media are still focused on the relation between the price surge and China, offering lots of analysis how Chinese investors are responsible for the latest improvement of the currency that many considered to be history.
China and Bitcoin Hot Topic; Philippine Central Bank Considers Regulating the Cryptocurrency
Naturally, such a significant price boost cannot go unnoticed by global media; as a result, popular magazines and portals have offered their thoughts and expert views on the Bitcoin’s growth. Fortune offered three reasons why the cryptocurrency was booming again and those were: announcements to make mining more expensive, the hype over the Ethereum and, of course, China. Most of the Bitcoin trading takes place in the country; moreover, investors seem to trust the cryptocurrency and people see it as an alternative to the unstable Yuan. All these factors gave the Bitcoin the necessary kick to start moving towards the $600 mark.
Other than that, a piece of information that may interest Bitcoin users and traders is the fact that the Philippine central bank plans to improve cybersecurity and considers regulating the cryptocurrency. More precisely, the bank wants to fight money laundering by regulating Bitcoin operators after records show that the number of users of digital currencies has more than doubled y-o-y.
Traders Hope to See the $600 Mark Breached; Indicators Send a Strong Buy Signal
Only one look at our Bitcoin price chart reveals the impressive improvement in value of the cryptocurrency. If you select the price movement within the past week you’ll notice that the Bitcoin has been gradually moving upwards, reaching new highs with almost each passing day. On 29th of May the average price was around $509, whereas two days ago the price per single coin hit $580.78. That’s a good sign that shows quick growth of the cryptocurrency.
In terms of the past 24 hours, the lowest price noted on the chart is $564.58. The day’s high, on the other hand, is better for over $15 and currently set at $580.99. Aside from these numbers, the current trading price is very positive $582.83. This number sets the 24-hour price change at 0.75%.
Other important segments include the market cap as well as the volume. The first one is over $9 billion, set at $9,088,258,914, while the second one has a value of $72,996,700. Both values are positive and promising.
Finally, moving to the technical indicators and moving averages, it’s interesting to see that not a single one is pro-sell. There are only two indicators that are neutral, while the STOCHRSI warns that the Bitcoin is being overbought. All the rest send a strong buy signal, suggesting that the cryptocurrency will continue to grow in the days to come.