It’s the end of yet another week in which the Bitcoin has noted a decent price growth. The cryptocurrency has been constantly growing for the past several weeks and today it breached the $275 mark, raising everyone’s hopes that soon it will go over $280 as well.
However, another thing that makes this week extremely important for the digital currency is the fact that the highest court in Europe ruled that all virtual currencies can be exchanges tax-free. This gives the Bitcoin and its alternatives a status similar to the one that traditional money have. The European Court of Justice in a statement revealed that all virtual money transactions were exempt from VAT under the provision concerning transactions relating to “currency, bank notes and coins used as legal tender.”
This whole ruling is a result of a dispute between a Swedish citizen who wanted to operate an online Bitcoin exchange and the Swedish Tax Authority that didn’t see the cryptocurrency exempt from VAT. However, in the end the virtual currency scored another win that now paves the road for cheaper transactions within Europe.
The $280 Line Soon to be Reached
The strength of the Bitcoin and the good news positively affected the value of the virtual currency. Therefore, currently we can see a high trading price of $274.69. In comparison, this time last week the trading price per coin was much lower $259.95. Thus, the high improvement of more than 10 points is easy to notice.
Good improvement can be seen in the daily price range as well. In the past 24 hours the lowest value of the Bitcoin has been $266.24, while the daily high is incredible $277.83. Again, if we compare these numbers with the results from last week we’ll notice a positive trend in the price movement. Seven days ago, the daily low was $251, while the high was only $260.11.
Year to date change is still falling and that’s a good thing; currently, its value is set at -12.46%. On the other hand, the market cap and the volatility are slowly increasing. The market cap is now $3.86 B, while the volatility is set at 17.6%. Possibly the best thing among all these numbers is the 51,903 value of the volume. If you remember, two weeks ago the volume was under the 20,000 mark and it was a reason for traders to worry that the Bitcoin might note a steep fall again.
Technical Indicators Say Buy
So, obviously the price of the Bitcoin is constantly growing and now is the good time for traders to buy and wait for their investment to pay off. Naturally, before giving this advice to our readers, we checked the technical indicators first and they’re all about buying for sure.
The 14-day RSI and its value of 57.614 are calling for buy. The MACD is set in the positive 1.330 and it also signals that buy is the best possible action at this moment. The moving averages of 20-day SMA ($270.01), 100-day SMA ($265.60) and 200-day SMA ($263.00) suggest traders to buy as well.
The intraday support level for today is set at $265, while the resistance level is set at $290. Therefore, traders can expect for the $280 mark to be soon breached, but they should place stop loss orders under $265 nonetheless.