Bitcoin is the world’s most popular cryptocurrency that has been driving traders crazy. At one time its value went over $1,000 and last year it reached lows of $200 per coin. Even though experts try to predict its future price movement by analysing indicators and Bitcoin-related events, the currency always finds a way to surprise us and move in one direction even when all signs point to the opposite direction.
This is what has been happening in the past few days, when everyone expected for the price to grow, but it kept declining instead. Two days ago we mentioned that Bitcoin’s next movement is a real mystery since the volume has been stuck on the same mark, while the indicators were mainly neutral. Now we know that the digital currency lost on value and from $670 on Wednesday we see it around $640 this Friday.
Nonetheless, there’s still no reason to panic since we’re only two days away from the announced supply halving, plus the volume has finally jumped. Even the indicators are now sending a buy single, thus we have the right to expect the price to start growing any time now.
Bitcoin Reached $600 and Then Changed Course
Yesterday evening was a disaster for the Bitcoin, which reached a day as well as a week low of $603.19. We haven’t seen the currency around the $600 for quite some time now and luckily the situation changed before everyone got too worried. Early morning today, the Bitcoin started growing and currently it moves up and down the $640 mark. Its current trading price on our chart is $642.49, a bit lower than the day’s high of $643.37.
Despite the downwards movement, the market cap of the currency remained over $10 billion or, more precisely, it settled at $10,139,934,962. A more interesting as well as important component at this point, however, is the 24-hour volume. Its value is $218,929,000, meaning the chances to see the Bitcoin moving in a positive direction are fairly high.
Even the indicators agree with this prediction, considering the fact that seven of them are sending a strong buy signal. Only one (MACD) is pro-sell and three are neutral. The signal received from the moving averages, on the other hand, is sell with eight out of 12 suggesting the price may fall.
Bitcoin’s Volatility below the Pound’s; Coinbase Receives a $10.5 Million Investment
The Bitcoin world has been quite interesting lately; the first information we would like to share with you is the fact that in a never-seen-before event the 10-day volatility of the Bitcoin was lower than the pound’s. There can’t be a better proof of how Brexit has turned the cryptocurrency into a heaven for traders and shows the Brits are uncertain of the future of their national currency.
The second information we find very promising is the $10.5 million investment Bank of Tokyo Mitsubishi UFJ gave to Coinbase as part of a strategic partnership. This move highlights that investors still have faith in the cryptocurrency and that it’s probably far from failing.
Despite these positive events, David Seaman wrote an article for Huffington Post about a doomsday scenario in which the Bitcoin drops to $0.00. Nevertheless, we’re pretty sure that such a thing won’t happen any time soon.