We’re right near the end of the week with the price of Bitcoin back over $1,040, only several days after dropping down below the $1,000 range for the first time in a month. It seems that buyers have once again picked up pace and subdued the bearish wave that was most probably stirred by the SEC’s decision to deny yet another proposal for a Bitcoin ETF last Tuesday.
In other news, Bitcoin hardware wallet manufacturer Ledger raises $7 million for the Series A round to keep making products. Ledger’s bread and butter are several models of hardware wallets which protect Bitcoins by taking the authorization of any transaction offline. Their funding is yet another proof of the increasing need for security among the Bitcoin community, especially in times when 1 Bitcoin is selling higher than ever.
Bitcoin Market Pressed By Bulls
During the past 48 hours since our last update, the price had jumped significantly forward to now trade at the $1,040 range. The lowest point was reached yesterday afternoon when the price hit $1,025.22, while the highest was hit this early morning, when 1BTC traded briefly for $1,048.59.
The market signals show increased interest in trading Bitcoins as the volume has been steadily rising since Wednesday to the current $411,159,000. The market cap, on the other hand, is still lower than usual, or $16.8 billion. As higher volumes can lead to faster price changes, it’s good to keep your Bitcoins in check around Saturday, especially when volume is higher than it has been during past months.
Our market analysis shows an overall buying mood on both short-term and long-term charts. The 5-hour signals show that 8 out of 12 moving averages and the same number of oscillators are in the buy zone. The SMA 100 has crossed the SMA 200, so there is less resistance to the upside.
With the current signals, the price seems headed for the $1,060 range with the bottom support line being $1,030.However, with the weekend up ahead, there may be some profit seeking that could send the price spiraling down below $1,000, particularly at this time, so keep your eyes peeled.
Noted Bitcoin Developer under Investigation for Time in Syria
Aamir Taaki, a British-Iranian programmer known for his work on Bitcoin is reportedly under investigation by UK police forces for working with an anarchist group in Syria that opposed ISIS. According to reports, Taaki has been spending the past year on police bail in the UK after returning from his trip in Syria where he joined the anarchist Rojava movement.
Taaki was once placed in a Forbes list of the most influential young technology entrepreneurs and was predicted to become a billionaire in the future, but has instead chosen a different path in life. He says that he didn’t want to have a luxurious lifestyle and when he found out there was an anarchist revolution in Syria he felt “compelled” to offer his help.
Taaki claims that he arrived in Syria with the intention of providing tech support, but was instead sent to the frontlines with a Kalashnikov assault rifle. He was also able to provide software training and assist in building factories during his time there though.
However, once he returned to the UK, authorities took his passport, computers, and phones, and launched an open investigation that still spans, until they can clearly prove he didn’t have any ties with ISIS. Taaki says he doesn’t understand the motive because he wasn’t involved with terrorism, while the police say they must take all precautions to protect themselves from domestic terrorism.