Our predictions from the beginning of this week turned out true and today we can see the Bitcoin still stuck around $410. Even though at first it started to fall under that mark and then changed its direction into the positive, this Wednesday the Bitcoin spent most of its time at $410.
This is not surprising considering the fact that the volume dropped and therefore ruined any hopes for any kind of a change. Therefore, despite the indicators and averages that were sending a relatively unclear signal on Monday, we can conclude that the price has stabilised around its current value.
Bitcoin is a Solution to Ad-Blockers?
In the middle of the dramatic news and forecasts that the cryptocurrency is going to collapse anytime now, there are two very interesting articles that remind us the Bitcoin is too strong to fall so easily.
The first one was published on CNBC and claims that Bitcoin might be the solution to ad-blocking platforms. According to the text, digital publishers had lost around $22 billion in revenue because of such software. However, as a means of fighting this trend, a new way of funding called micropayments, facilitated by the cryptocurrency, may be soon introduced by websites. If this happens, visitors would have to pay a very small amount of coins for every page they visit if they want to be able to block ads from that particular site.
Those into trading should be excited to find out that JM Bullion, a leading US online bullion dealer, started accepting Bitcoin payments for purchasing precious metals like gold and silver. This enables users of the cryptocurrency to invest their coins via a safe and well-established company.
Finally, the plan of the miner Bitcoin Group Ltd to become the first IPO in Australia has failed after the company decided to withdraw from an initial public offering.
Highest Price Hit in the Past 24 Hours under $413
Only a quick look at our Bitcoin price chart reveals that the Bitcoin has lost its power to go up in a short period of time. Consequently, in the past 24 hours the best value per coin was $412.87, whereas the top price reached this Wednesday was lower $411.82. The day’s low at this moment is $409.23. If you check out the price movement in the past seven days you’ll notice how the price has been constantly falling and on 6th of March even went under $400. It’s current trading price is $411.36.
The volatility today is 47.68%, whereas the market cap has further decreased and settled at $6.32 billion. Another segment that has noted a serious fall is the volume whose value today is $61,235,400, which is drastically lower than Monday’s $85,366,800. Does this announce a monotonous period ahead? Probably it does.
With these latest price movements we can conclude that the bears are still in charge and we can’t expect dramatic changes unless something boosts the Bitcoin soon. This opinion is supported by the indicators and moving averages too. The signal received from the first is neutral with three of them being pro-buy, three pro-sell and five neutral. In contrast, 11 out of 12 moving averages are sending a strong sell signal, predicting further price drops.