The world’s number one cryptocurrency by market capitalization has yet to establish a strong support over $8,000 and head on to new heights, despite increasing bullish pressure. During the past seven days since we noticed that bearish trend last Wednesday, the trading market has been changing direction fast, allowing the price to go up and down as bulls and bears fight for dominance. As of now, the mood looks pro-buy, but how long will it stay like that remains to be seen.
One very interesting news update from the past week was the video of a man in London’s subway who tried cashing out his coins through a Bitcoin ATM. First posted on Reddit and picked up by Business Insider, the video shows the ATM putting on a show in the subway as it started churning out bills, throwing them all over the floor.
According to the company that installed the ATM, the machine wasn’t broken but was likely struggling to pay out a large amount of cash in small £20 notes. Nevertheless, the ATM quickly made headlines as it started spitting out notes, leaving the man struggling to contain them in a bag while a security officer secured the area. It just goes to show how much Bitcoin’s value has grown.
Bulls Are Coming Back
Once again, Bitcoin’s USD price went through several changes in the course of a week as the market shifted sides looking for its next direction. The lowest the coin dropped during the period was $7,593.30 right after midnight on Monday, while its highest point happened few days before on Friday, when Bitcoin hit a price of $8,119.57 per coin.
Despite the fluctuations, it seems that interest in BTC has subdued a bit from two weeks ago, with the 24-h trading volume mostly moving below $20 billion in the last seven days. At the moment, the volume is at $17.8 billion and dropping while the coin’s market capitalization is at $141.7 billion.
Our technical analysis shows that the market has turned bullish as 7 out of 12 technical indicators and 10 of 12 moving averages are in the “buy” zone. The SMA 100 is over the SMA 200, signaling less resistance to the upward course, and the short –term charts are likewise very bullish. It seems that the coin is gearing up for a break over $8,000, which if happens, will likely strengthen the bullish mood and lead Bitcoin to $8,200. But if bears prevail, we’re looking at a test of $7,800.
Young Millionaire Expects $20,000 for Bitcoin
Erik Finman, the youngest BTC millionaire who was often found in the spotlight around the time of Bitcoin’s highest price, is once again looking forward to seeing the coin reach $20,000. The teen, who has made millions after dropping out of high school and investing in BTC, is now estimating that Bitcoin could regain its all-time-high record in 2019, but only if it manages to fix four major issues.
As reported by Forbes, Finman sees 2019 as the new 2017 due to the coin’s revival and all the major happenings in the fintech industry that are currently boosting cryptocurrencies. However, in order to hit its former peak, the coin needs to have lower transaction fees, faster transfers, less bickering by contributors, and a simpler way of adoption.
That’s why Finman is focusing on one of the four issues he feels he can contribute to – increasing Bitcoin’s use and adoption with his new service CoinBits. Established by the young entrepreneur, CoinBits reportedly makes it easier for US people to get introduced to crypto.