It’s been a magnificent week for the Bitcoin and certainly there are many things to be said about the price of our favourite cryptocurrency. First of all, and probably most important, the Bitcoin managed to breach the $235 line and continue its positive movement.
This is very important to traders that started losing hope that the cryptocurrency would be able to get back on its feet after it started falling again. However, such dark thoughts may be put aside for a while, according to some experts at least.
On the other hand, other people made claims that the Bitcoin may soon witnessed the end of its decentralisation. According to those experts, the downfall of the cryptocurrency could become reality very soon. Let’s take a look at the Bitcoin price chart for today and reveal a bit more about the possible end of decentralised Bitcoin.
Bitcoin Price Still Strong
Last week we reported that the Bitcoin price went over $235 and then varied around that line for a while. Today, our 24-hour chart shows that not only the price remained over $230 per unit, but it also is above the $235 line for quite some time now. Currently, the Bitcoin value is set at $237.05 and it’s been staying that high for the past several hours.
As a result, we have a high daily price range of $232.1 and $237.89. So basically, we can conclude that the next milestone for the Bitcoin is breaching the $240 line. Just to compare with last week’s results. The max Bitcoin price in the beginning of the week was low $231.71, while by the end of the week it reached $236.65.
This positive trend has affected the year to date change as well as the market cup. Therefore, these two values are -24.52% and $3.34 B respectively. To compare, on Friday they were -24.65% and $3.22 B. The volatility is 19.38%, a bit lower than last week’s 19.61%. The volume has been constantly growing as well. Therefore, only several hours ago it’s been around the 30,000 line, while now it’s 38.095 and going up.
In addition to these positive numbers, for now, we can take a look at some indicators that also give hope for better days when it comes to the Bitcoin future. For example, after a period of being constantly under the 100-day SMA, the 30-day SMA has finally ended on top. Thus, the 30-day SMA currently is set at %237.33, while the 100-day SMA is a bit lower $236.96. This shows that the price is finally moving into a positive direction.
The relative strength index is not in a bad position either. As of this writing, its value has been set at 55.67, while this time last week it was moving between the 40 and 50 lines.
Banks Using Blockchain Can Be Dangerous for the Bitcoin
Interesting opinion that caught our attention these days was the claim that banks embracing the blockchain technology could be dangerous for the Bitcoin. According to experts, when people have the same pros of using Bitcoin in a stable financial institution, they would go for the latter.
This event, in combination with the growing mining pools, is believed to introduce the end of decentralised Bitcoin. Naturally, once this decentralised nature of the cryptocurrency is compromised, its fans are likely to start looking for other options. This, eventually, could lead to the ultimate fall of the Bitcoin. In any case, this is just a speculation that only time will tell whether it’s true or false.