Days after the infamous halving event, everyone is well aware that it definitely won’t have the expected effect on the Bitcoin. Since the price has barely changed for more than $20 and there are no indications that such a thing would happen in the days to come, it’s fair to say that traders may have to abandon their hopes to see the Bitcoin reaching the $1,000 mark anytime soon.
Therefore, we’re leaving the halving event behind us and one again focus on more important things such as Bitcoin-related news and signal received from indicators and moving averages. Generally speaking, after the slight jump in the past 24 hours, there isn’t a reason to believe that this trend will continue for the cryptocurrency considering the fact the volume has declined and the majority of the technical indicators send a sell signal.
Even the news related to the world’s most popular digital currency hasn’t been encouraging; nonetheless, there are some pieces of information that can be received in a positive way.
Not Enough Strength to Breach $680
After a relatively peaceful weekend, with the value of a single coin mostly moving around the $660 mark, yesterday evening the cryptocurrency surprised us with a jump of almost $20. Nonetheless, the Bitcoin obviously didn’t have and still doesn’t have the power to go over the $680 threshold.
Our price chart shows that the price has been stable for most of the time last week and then noted a sharp jump Sunday evening. Therefore, from a 24-hour low of $660.75, the value increased to a 24-hour high of $678.74; nonetheless, the $680 still remains untouchable, especially now after the Bitcoin has seemingly lost its power to move upwards. The overall price change in the past 24 hours has been 2.03%.
The volume, in contrast, dropped even too much and settled at $65,917,600. In comparison to Friday’s $73,390,500 and last Wednesday’s $130,000,000+, we can draw only one conclusion: there can’t be a price jump in the near future. At least the market cap remains strong with a value of $10.71 million.
Those unsure whether the low volume should be perceived as a sign of no further price improvements should be persuaded by the indicators’ signal. The majority of them, seven out of 11, are pro-sell. The rest of them are mostly neutral, while only one is pro-buy. However, the oversold signal by the STOCHRSI may promise price jumps in the future. The signal of the averages constantly changes and currently seven of them are pro-buy and five of them are pro-sell.
A Russian Political Party to Accept Donations in Bitcoin
What we all know so far by the legality of Bitcoin in Russia is that the country considers it illegal, even though there still aren’t legislations that actually state this. The bill to completely ban digital currencies has once failed already and the latest event to raise eyebrows when it comes to Bitcoin and Russia is the announcement by the leader of the democrat “Party of Growth,” Boris Titov, that the party would start accepting donations in Bitcoin. How this unravels remains to be seen.
As The Huffington Post educates its readers how to purchase their first Bitcoin or Ethereum, others have focused on the use of the cryptocurrency by criminals and dealers. Times of India reports that antinarcotics agencies noted increase in the use of “darknet” and Bitcoin among drug traders in the country. Additionally, a Euro IP study revealed 25 Tor-and-Bitcoin-loving pirate business models, meaning criminals are rather fond of technologies that promise them anonymity.