Three days in a row the Bitcoin has been stuck under the $600 mark. Users and traders may remember that the value per coin was much higher around the $610 threshold, but it drastically dropped on 21st of September. Ever since the cryptocurrency seems incapable of moving upwards.
However, finally the signal from the indicators and the averages has shifted into positive territory. Now, the majority of them are pro-buy and some of them even show signs that the cryptocurrency was being overbought. Even though the volume is pretty low, this may be a positive sign for the Bitcoin.
Namely, the Bitcoin has become so popular that brothers from Netherlands face prison time for stealing electricity in order to power mining it. Plus, Bitcoin favourites Winklevoss have launched Bitcoin auctions that will take place each and every day.
So, even though it’s been relatively boring in term of price movement; Bitcoin world is as alive as it’s ever been. Keep reading and find out more about these curious events as well as read in-depth price chart analysis.
Bitcoin Trading at $596.97; Indicators Send Strong Buy Signal
The trading price of the Bitcoin constantly changes; especially at this time it seems pretty volatile. At the moment of the writing it’s trading value was $596.97, only to jump a bit at $597.11. The day’s high was noted not so long ago and it was $598.54, whereas the lowest value noted for the past 24 hours was $594.12.
At least, the Bitcoin didn’t go under $590, which is a pretty good thing. Moreover, the overall price change in the past 24 hours has been 0.30%; however small this may seem, it’s still better than a negative value.
Considering the fact that the price was virtually unchanged, the market cap didn’t change too much either. It’s value for the day is $9.51 billion. The volume, on the other hand, has dropped and that’s no good sign. This Friday the 24-hour volume of the Bitcoin is $60,792,200. Such drops always predict price drops and often they are more accurate than the signal by the indicators.
Speaking of which, a strong buy signal can be noticed from technical indicators’ numbers. Eight out of 11 are pro-buy, while only one is pro-sell. There are, however, two neutral indicators. The STOCHRSI and the Williams %R show that the Bitcoin is being overbought.
Similarly, the majority of the moving averages i.e. eight are pro-buy. The rest four are suggesting the price will fall and traders should sell.
Daily Bitcoin Auctions and Stealing Power to Mine Are Top Bitcoin Stories
Well, even though sometimes there are very important and serious Bitcoin-related stories, today there aren’t such news. As we mentioned in the intro, possibly the most important thing to remember is the daily Bitcoin auctions announced by the Winklevoss brothers. These will be able at their regulated and extremely popular Bitcoin exchange Gemini.
Another crazy thing to share is the story about two brothers from the Netherlands that allegedly were stealing electricity in order to power a Bitcoin mining operation. If the prosecutors win the case, the brothers may spend months in prison. What can love for Bitcoin do to a person, right?
On a more serious note, Financial Times have published an analysis on the topic whether Bitcoin and blockchain are just a hype or the future. Experts Simon Taylor and Izabella Kaminska have taken opposing sites in the article and they both have pretty good points. So, we guess only time will tell.