After the intense end of February, we are welcomed by a relatively slow beginning of March. The growth of Bitcoin’s worth per coin has stopped and the price even fell during the past two weeks. So, the fact that the cryptocurrency hit $400 on Monday is old news now and today we’re more focused on the ten-point lower value and its meaning. Even the indicators are not even close as positive as they were two days ago and all of this may signal one thing – further price drops.
However, the decrease in value didn’t affect reputable global media’s interest in the Bitcoin. Quite on the contrary, we can see several articles dedicated to the cryptocurrency and its influence, which is always a good thing.
Insight in Life of Bitcoin Company Owners
Possibly the most interesting article you’ll get a chance to read this week, Bitcoin related, is the one published on Forbes by their contributor Jonathan Chester. Chester is also the founder of Bitwage, the largest Bitcoin payroll company and he gave insight in the lives of owners of companies that work with the cryptocurrency. He points out in the text that running a Bitcoin business requires lots of travelling, but also constant tracking of the market.
Chester reveals that he rarely has time for a vacation (not a single one in two years) and that the position comes with lots of sacrifices that have to be made. Nonetheless, he concludes that he loves his job and he wouldn’t change it, at least for now.
Another recommended article is the one published on NASDAQ, which focuses on the relationship between governments and Bitcoin. Some eye-catching events noted by the portal are the softened stance towards the blockchain technology showed by Russia and the rumours that Japan might regulate Bitcoin as real money. Readers are given details about the cryptocurrency and its position in Korea, Dubai and the European Union as well.
Price Chart Analysis
Let’s move on to the price chart and see what’s happening over there. Obviously, the price has dropped and the current trading price per coin is $430.46. In the past 24 hours we can see that the highest value per coin reached was $435.86, while the day’s high for now is set at $435.03. Despite the fact that the day’s low is $431.49, we can remain positive because the $430 mark hasn’t been breached.
The volatility of the currency fell at 48.88%, in comparison to 49.36% on Monday. The rest segments reveal a jump in the 24-hour volume that reached $72,588,300. In other words, from 6,210 the volume now went over 6,450 and possibly signals further price changes. The market cap is still at strong $6.59 billion.
The one thing that should cause us worry is the signal received by the indicators and the moving averages. Unlike two days ago when most of them were quite positive regarding the future of the Bitcoin, today we can see a strong sell signal by the majority.
The situation at the indicators is a bit more extreme with a total of seven pointing out selling as a better option. There are, however, three neutral and a single pro-buy too. When it comes to moving averages, in comparison to Monday, four have changed their signal from buy to sell, whereas the rest remained pro-buy.
So, the question is what all of this means? Well, it’s quite hard to say really. With these numbers it’s more likely to see the cryptocurrency decline, especially since that’s how the month has started. Naturally, if the bulls manage to regain their position, a price jump won’t be excluded either.