Bitcoin is growing again and experts believe we may see $500 hit for the first time this year. Over the past week the cryptocurrency set a strong and determined pace of improving, which will hopefully remain as such this week as well.
During the weekend the $445 threshold was reached and currently a single coin’s worth is around $435. The situation is very positive and the only thing that could be a sign to worry are several technical indicators that signal traders to sell.
Other than that, even the Bitcoin related news today are pretty positive and show that key players have the necessary responsibility when it comes to the future of the currency.
Hong Kong Meeting Resolves Problems within Bitcoin Community
As was reported by Forbes, Friday and Saturday were days for kiss and make up for the divided Bitcoin community. Turns out key players decided to meet in Hong Kong in order to overcome disagreements that could’ve led to collapse of the cryptocurrency. The event got the name Roundtable, suggesting that everyone has the right to give suggestions how to deal with the rapid expansion, price fluctuations and block sizes. Reportedly, even though most of the individuals didn’t share the same opinion on the topic, every single person wanted everyone to work together for the sake of Bitcoin’s future.
The issue between the two opposing sides within the Bitcoin community got the attention of the reputable Canadian portal CBC; over there, an article dedicated to the dispute thoroughly explains the things the groups fight for as well as the possible negative outcome if the situation continues. It’s a good read that everyone wanting to know more about the challenges the Bitcoin will face in the future should check out.
Bitcoin Went Over $445; Currently Trading for Ten Points Less
The day’s range today shows that in the past 24 hours the Bitcoin reached an amazing high of $446.57; nonetheless, the highest price per coin hit for the day is $437.99. The lowest price reached in the past 24 hours is $427.79, while since the beginning of Monday the Bitcoin hasn’t fallen under $432.13. Currently, the cryptocurrency is trading for $435.65, according to the info on our Bitcoin price chart.
Not surprisingly, the growth boosted almost all other segments related to the currency. Therefore, the volume is strong $61,234,400 (8,488), whereas the market cap is positive $6.40 billion. In the past 24 hours the price noted a negative movement of 0.97%, but the overall change in the past seven days has been notably positive.
Nonetheless, as positive as everything may seem, most technical indicators signal traders to sell their coins. Even though six of the indicators are neutral and two are pro-buy, there are three (MACD, ROC and bull/bear power) that suggest the price might start to fall pretty soon. This should be enough for traders to open positions carefully and avoid being surprised by an unexpected drop in value.
When it comes to the moving simple and exponential averages, all 12 of them are pro-buy; this shows that the price is in a very favourable position right now and we could expect further growth. Thus, in general, we advise you to expect positive things, but also be careful for the sake of the pessimistic signal sent by the indicators.