It seems that the Bitcoin always waits for a Friday to come in order to give us a little hope that it will start moving into a positive direction. That was the case a week ago and that’s the case today. Even though last week’s jump didn’t bring anything special price wise, we certainly won’t discard the option this week’s growth in value to maintain the power during the next week as well.
Whatever happens over the weekend, we can say that the cryptocurrency managed to hit the $380 mark in the second week of February too. Currently, the Bitcoin is trading for $381.17 and according to the price chart we can safely conclude that moving upwards is today’s trend.
Besides the evident price jump of several points, this Friday will be remembered by some interesting Bitcoin related news also. Reputable media explain the struggle the currency is facing caught between two opposing sides, while one European capital introduced a very interesting concept.
Budapest Introduces Bitcoin Taxis
If you ever find yourself in a need of a taxi in Hungary’s capital Budapest and you don’t have any cash – don’t worry! The city introduced Bitcoin taxis in which you can pay in the world’s most popular virtual currency. It’s believed that Hungarians hold approximately 25 million Euros worth of Bitcoin and now they’ll be able to get one additional service for their coins.
However, this amazingly cool announcement didn’t get as much attention as the software schism, which divided the main groups of people that supposedly control the Bitcoin. Both Wired and The Financial Times offered thorough analysis of the situation as well as warned of the catastrophic outcome for the currency it may have.
We already mentioned that a handful of developers that control the Bitcoin had a different idea of the path the digital currency needs to take from another group of influential developers. This led to the launch of two rival codebases that could eventually lead to splitting of the Bitcoin in two and/or harming its value.
Price Over $380; Indicators Still Sending Buy Signal
Several hours before yesterday was over, the Bitcoin started moving upwards. At that moment the currency was settled at its 24-hour low of $375.77 only to reach $379.03 by the beginning of this Friday. Ever since, the currency’s value has been growing and hit a day’s high of incredible $385.64. Continiously fluctuating several points up and down, at the moment of this writing the Bitcoin was resting at $382.47.
So, within hours almost all segments related to the cryptocurrency increased; the market cap went over $5.8 billion at $5,815,001,603 and the volume reached $81,000,800. This volume, by the way, may be a sign of additional price jumps. The overall price change in the past 24 hours has been 0.43$, which clearly shows the positive trend.
For the second post in a row we can see that indicators are signalling traders to buy coins. Eight indicators such as the MACD, ROC and the ultimate oscillator are accompanied by nine moving averages in their positive view on the Bitcoin. Only two indicators are neutral and one is pro-sell; among the moving averages, only three suggest that traders should sell.
Taken into account that the situation has been slightly positive since Wednesday and the indicators are several days pro-buy, we may allow ourselves to be hopeful that the Bitcoin will stay strong in the days to come. At this time you can bet on the cryptocurrency, but also don’t forget to use stop loss orders just in case.