Despite hopes for improvement, weekend trading hasn’t brought any changes to the Bitcoin trading market, and once again we are at a price stalemate. After the price test of Wednesday when the value took a steep dive, things have recovered, although not improved. As we predicted on Friday, the price has consolidated near the $700 mark – a trend which might not persist for long according to the current market analysis.
As to whether the news about China regulating Bitcoins which sparked the price drop are rumors or not, the online community is still to see a clarification. There were no confirmations from Bloomberg’s side despite many media reporting on the ban citing its missing article as a source, leaving many to keep scratching their heads as to how the news surfaced at all.
Some reports say that the whole purpose of the news was to inspire uncertainty in the trading market, which always leads to volatility. Whatever the reason, the fact remains that the price lost a significant portion in one day, opening the door for questions of what its future path will be.
Bears Keep Pressure on Trading Market
Since our last update on Friday, the price has remained fairly stable and close to the $700 mark, with minor volatility during the weekend. The lowest point was observed on Sunday afternoon, when the price dropped down to $699.05, only 4 hours after it reached its weekend highest point of $710.92. Since then, it has been testing the $710 resistance with little success, as sellers were waiting at every turn to push the price back to support.
The trading volume has drastically changed since the market was sent into a frenzy following the China rumors, and now amounts to almost half of what it was, or $54,675,000. The volume has been close to this number for the past three days, which always hints at low chances of a major boost upwards. The current market cap, on the other hand, is $11.2 billion.
As to the market analysis, the trading winds are once again in favor of the sellers, as all our indicators suggest there is little bullish pressure left on the market at this time. Out of all 12 technical oscillators, 7 send a selling signal, while 11 out of 12 moving averages are also pro-sell. The long-term SMA 100 has dropped below the SMA 200, indicating that the lower resistance is at the downward course. The current trading situation suggests that if bears keep pressuring, we might see a break from support below $690, unless sellers take over and push the price for another test of resistance over $710. As always, we advise to keep a close eye on the market.
Unocoin Launches API for Worldwide Use
One of the largest Bitcoin exchanges in India have just launched their first API that would provide companies from across the globe with access to one of the most promising Bitcoin markets of today, IBT reports. The new API will allow companies to easily plug into the world’s leading Blockchain remittance industry and enjoy mass cross-border transfers in a fast and simpler manner.
For this purpose, Unicoin has teamed up with industry experts Blockstream who’ve provided their Liquid protocol – a sidechain that allows for nearly instant inter-global transfers – to Unocoin’s API. Blockstream’s CEO, Dr. Adam Bac, commented by saying they are “excited” for the opportunity to work with Unocoin, as they believe the Indian wallet service can make Bitcoins closer to millions of new users due to their “vision and business execution”.