As our mid-week price analysis predicted, the Bitcoin value pushed below the $630 mark in another instance of high buyer pressure. But while many traders feared for a major reversal, the price found support at a previous resistance level and seems to be heading for another pull upward. As the market trends show, more good news may be coming.
But while most eyes were focused on the near $10 price drop, the Bitcoin-supported content sharing platform Yours have just announced the launch of their new Bitcoin micropayments web-wallet. The Yours wallet is to be the first official Bitcoin micropayments wallet that is fully operable, despite Core’s Lightning network having a head start.
The CEO of Yours, Ryan X. Charles, stated that Yours’ system fixed the bugs of previous micropayments systems, allowing user-to-user transactions in very small amounts without any fees. For now the system isn’t open to the general user base but it will be by the beginning of 2017, with the white papers to be released soon after.
Bitcoin Finds Support around $630; Will it Go Up?
Following the price plunge on Wednesday, the value of Bitcoin has again started to consolidate as the trading market turned neutral, with neither side showing a particular pressure. The lowest week point was recorded yesterday, when the price dropped down to $626.61, while the current value is $630.59.
With Bitcoin finding support after the mid-week test, we are closely looking for the next range. Today’s market doesn’t show any signs of high traffic as the current trading volume is $55.438.200. However, the volume has been on a narrow rise since morning, hinting at an increased trading interest. But whether we’ll actually see another push will mostly be up to the trading trends.
Our technical analysis is sending mixed-signals, making the overall trading trend neutral. Out of 12 moving averages, 7 send a selling signal and 5 remain pro-buy, which indicates that the overall situation is still pro-sell. However, judging by the situation two days ago, bulls might be returning to the market.
The bulls’ pressure is more clearly visible in the technical oscillators, of which 8 out of 12 send a buying signal, while 3 remain neutral. As the indicators show, the current trading situation is leaning towards buying, with the Stochastic even shifted from oversold to overbought. If the buying pressure continues, we are likely to see a push to a higher range. On the other hand, if sellers take over at this time, a further drop is more likely.
U.S. University Professor Labels Bitcoins as “Right Wing Concept”
An assistant professor at the Virginia Commonwealth Univeristy, David Golumbia, has published a book about Bitcoin software in which he criticized Bitcoins as being an extremist right-wing idea. In his book “The Politics of Bitcoin: Software as Right-Wing Extremism”, Golumbia speaks of the freedom of distributed ledger technology as resistant to central influence – a concept which he believes only right-wing extremist support.
Golumbia doesn’t clearly link these two concepts, but he does speak of Bitcoin users being mostly right-wing. His impression is that even though there are left-wing Bitcoin enthusiasts, the predominant political inclinations among the communities that support distributed ledgers are right-wing, making the Bitcoin software technology almost coded with right-wing values.