After another resistance test during the weekend, we are once again starting off the week with a stalemate, with the price virtually unchanged since our last update on Friday. The bears haven’t returned fully for a strong weekend pressure, consolidating the price even more. However, the trading situation shows signs of warning, leaving the current value of $637.71 open for further tests.
In other news from the Bitcoin world, Canadian online platform Ask the Doctor have recently started accepting Bitcoins. The platform offers users the ability to ask general physicians or specialists any health-related question and their acceptance of the cryptocurrency was done to allow for more anonymity. According to Prakash Chand, the CEO of Ask the Doctor, the use of Bitcoins, although not automatically anonymous, is certainly an improvement over credit cards.
Bitcoin Consolidated; Changes Coming?
The price of Bitcoin has remained very stable throughout the weekend trading period, with minor volatility towards the $635 mark, but still resistant. The lowest point was recorded on Sunday, per our price chart, when the price dropped down to $636.80, while the highest value was reached the same day in the afternoon, when it hit $641.44. Thus far, the value found support at $637, but the current trading situation hints at possible changes.
As to the trading volume, it is still fairly low when compared to last week when the price made a substantial breakout and now amounts to $44.985.800. However, the volume has remained fairly consistent throughout the week, without any price changes, which for now hints at price stability.
On the other hand, the technical analysis shows warning signs. Out of 12 moving averages, 9 send a selling signal, indicating that the current trading situation is strongly inclined towards selling. But considering the averages have been oscillating fairly within the past day, for now they likewise hint at further consolidation, as long as the selling pressure doesn’t continue and lead the market into a price drop. The technical indicators show a similar trend, with 9 out of 12 being pro-sell, making the overall signal a strong sell.
For the time being, the market remains at a stalemate around the $637 mark, as it waits for a strong push from any direction to shift the value towards another price range. A close monitoring of the trends is advised, as the situation can change quickly.
Belfast Business Centre Ransomed for Bitcoins
The Townsend Business Centre in Belfast had recently become the target of a cyber attack by a group of individuals asking for a “Bitcoin” ransom for the return of their files, the BBC reports. The attack left the business centre inoperable, seizing all operations until the police took over.
According to CEO of the centre, Margaret McMahon, they were asked to pay around £13,000 in BTC by the attackers, which they refused. They instead reported the hack to the police, which helped then escape unscathed after three days, restoring all information they had in the process. The business centre had issued a warning to other businesses following the attack, advising anyone to immediately inform the Northern Island Police Service if they too become a target.