Finally some good news for Bitcoin enthusiasts; by the end of this week the cryptocurrency regained its power a bit and noted a significant price jump possibly for the first time this year. If the price per coin only two days ago was under $375, today we can see it set higher for more than 10 points at $387.13.
Usually, when the Bitcoin starts moving into a positive direction, it keeps the trend for a longer period of time. Therefore, we can rightfully hope to see it grow additionally and even go over $400 for the first time in a while.
This increase in value was welcomed by Bitcoin supporters, who got used to bad news these days. As you remember, the EU revealed plans to crack down on Bitcoin’s anonymity and even though the reason for doing so is believed to be terrorism, the move would hurt the cryptocurrency nonetheless.
Price Jumped Over $380 Yesterday; Remained There Since
Maybe we will all remember 4th of February as a turning point for the Bitcoin if the currency continues to grow in the days to come. The Bitcoin was doing poorly Thursday morning, only to jump over $380 in the evening and remain there ever since.
Friday opened with an impressive price of $389.45, whereas the day’s high so far was $391.26. The best price seen in the past 24 hours, on the other hand, is a bit higher $391.37. The day’s low is $385.82, while the lowest price in the past 24 hours is amazing $372.94. These numbers give a clear image of the progress the cryptocurrency has made very recently.
The volatility is 57.61% and the market cap jumped a bit at $5,889,787,659. The 24-hour volume reached $65,176,000 or 9,052. With such a noticeable change in the volume, it’s not that surprising to see this trend change.
In comparison to the end of last year, the numbers on our price chart have drastically improved. Last Friday, the Bitcoin was trading for $375 and the market cap was $5.70 billion. The volume was also much lower 5,795 or $51,199,400.
Bitcoin Price Technical Analysis
Just like we’ve seen a positive change in the Bitcoin price, we also noticed a positive shift in situation at the technical indicators. Finally, most of them have regained faith in the cryptocurrency and thus signal traders to do the same and purchase some coins.
Five out of 11 indicators are pro-buy, while only one is pro-sell. All other technical indicators (STOCH, ADX, Williams %R, highs/lows and etc.) are neutral. The RSI has a value of 60.060 and it’s accompanied by a positive MACD of 2.760. Other indicators that share the same buy signal are the ultimate oscillator, ROC and bull/bear power.
The situation at the moving averages is pretty similar too. Eight out of 12 in total are sending a buy signal. The four averages that oppose this idea are 5-day and 10-day SMAs and EMAs.
If the current trend is to be believed and the signal by the indicators is true, then we can expect to see additional price improvements very soon. Over the weekend the Bitcoin might even hit the $400 threshold and possibly start the long-awaited haul towards the value highs announced back in 2015.