We’re right at the middle of the week with the price broken out of a new height, thanks to high volume and persistent buyer pressure. Like it seldom was in the past two weeks, the price keeps showing mild fluctuations, while the market is sending mixed signals. However, what’s different is that there is a surge in interest that’s most probably due to the pending approval of the Winklevoss ETF.
Namely, news reports are coming in that the approval of a Bitcoin Exchange-traded Fund (ETF) by the U.S. SEC (Securities and Exchange Commission) is generating such a hype that there are now even bets on whether the approval will happen or not this March.
The Winklevoss twins’ pending ETF has revived hopes in the cryptocurrency because it is expected to have a significant effect on Bitcoin, as once approved by the SEC the cryptocurrency will finally have the legitimacy it long sought in the US. However, the chances, according to predictions, are 36.37%, so it is not quite the safe bet yet.
Sellers Lead the Way
In the past two days since our last update, the trading market has remained generally pro-buy, while recent charts show a change in trends. The price has naturally followed suit on the trading trends and picked up from its lowest point on Monday of $1055.88 to reach a new monthly high of $1116.51 this early morning. But since hitting that peak, a small correction followed.
There has also been a surge in interest in the past 48 hours, as the trading volume went up from a relatively low level to the current $170,032,000. The market cap is likewise higher, or $17.8 billion, to be more precise. As always, high volume can lead to harder changes, so a watch on the market is advised.
The current market analysis shows that the situation is neutral, with the moving averages being mostly pro-buy (8 out of 12), while the oscillators (7 out of 12) show sellers are taking over. The SMA 100 is still over the SMA 200, showing the upside path is more likely, so a sharp decline is not expected at this time.
However, short term trends show a predominantly selling trend, so there is some correction to be expected, with any reversal or a different path being entirely up to the trading winds.
Danish Police Cracks Bitcoin’s Veil of Anonymity
In other interesting news from the Bitcoin community, the Danish police force is claiming to have found a new way of tracking Bitcoins. Namely, according to news reports, police officers from Herning city have already used the trace method to track down a narcotics dealer and sentence him to eight years in prison this January, which was the second time Bitcoin-tracing has been used.
According to head of the National Cybercrime Center in Denmark, Kim Aarenstrup, both cases prove that the Danish police is on the forefronts of cyberpolicing . Aarenstrup says that they are “unique in the world” since nobody else has been able to use such traces as legal evidence, and that they will be cooperating with other countries in developing the method and instructing them on its use.
In a nutshell, their system is a comparison system of two types of BTC transactions. Namely, the first step is to analyze transactions where Bitcoins were used to buy goods with the help of blockchain technology and the second is to compare that data to listings of BTC sellers and buyers. Any further details were not revealed by the police, only that the FBI and Interpol already adopted the technique.