Despite the Monday seller pressure, we are once again at the middle of the week with positive news. After another support test at the beginning of the week, the price of Bitcoin has broken out of the $700 range and pushed upwards towards $730. Considering this is the third week in a row we’re seeing the price going upwards without any major drawbacks, many predict that it is headed for $800 in the upcoming weeks.
The main reason why we’ve seen such a rapid price boost, according to International Business Times, is the increased interest in the cruptocurrency from Chinese traders. China’s national currency, the Yuan, has been dripping its value for more than two years, leading many concerned citizens to invest in foreign currencies and digital assets. This combined with the increased interest in improving Bitcoin scaling and other technologies is seen as the key drive behind the price increase.
Bitcoin up by More than $25; Will the Price Boost Continue?
The past 48 hours have been quite eventful for Bitcoin traders. Despite the bearish pressure that started taking over the market, the price hasn’t broken the down support and remained over $700 thanks to the Asian trading wave. The lowest price point was noted early yesterday morning, when the price dropped down to $695.77, while the highest point was reached the same afternoon, when the value hit $730.22.
The trading market has been quite busy during the past week, frequently holding a high trading volume that was missing at the beginning of the month, which normally reflected on the price. However, the volume has been dropping since early morning and taking down the price with it, hinting at another test of support. It’s currently at $90,562,000.
Moving on to our technical analysis, we are looking at mixed signals, which make the future path difficult to predict. The technical indicators are predominantly pro-sell, with 5 out of 12 oscillators sending a selling signal. As per our moving averages, the overall picture is quite different, with 9 out of 12 moving averages being pro-buy. Still, the SMA 100 is at a wider difference from the SMA 200, showing that an upside path is more likely.
The current trading trends signal consolidation and another price push if bulls keep their pressure on the market. This can be confirmed by the Stochastic, which is already in the oversold zone signaling that sellers are getting tired. For the time being, it is advised you keep a close eye on the trading winds for any signs of bears returning.
Hashing24 Sell Hashpower Packages
Where Bitcoin mining used to mean investing plenty of cash into your own mining equipment and installation, those interested in earning Bitcoins by mining can now do it for a more affordable price tag, says Bitcoin mining company Hashing24. In what is to be the world’s first commercial mining service, the company has started selling hashpower from industrial-scale data centers to any user, regardless of experience.
Hashing24’s mining packages allow users to buy a specific amount of hashpower and take a slice of the Bitcoins mined by their rented data servers. The service is aimed at both professional miners as well as first timers to Bitcoin mining who are looking for either a good investment or a way to get into the mining business without any hardware or technical expertise. To be able to do this, the company has formed partnership with a number of industrial mining services to resell their mining power.