A great week for Bitcoin traders, as not only did the cryptocurrency broke out of the $650 range, but it is also headed upwards. Following that brief instance of volatility last night many traders were left wondering whether the range will be broken again, but the price still remained close to $660, from where, according to the technical analysis, it is likely to go upwards.
In other interesting news from the world of Bitcoins, Zimbabwean Bitcoin startup Bitmari is making efforts to lift an accelerator program of the grond aimed at helping Zimbabwean women farmers. The accelerator program is called the Zimbabwe Women Farmers Accelerator (ZWFA) and it will be crowdfunded with Bitcoins with the help of the startup.
The ZWFA will see 10 women farmers from the 10 provinces of Zimbabwe receive help and advice from agricultural experts that will be paid with Bitcoins. And once the money is repaid by the farming women, it will then be re-used for the next group of farmers. The whole project is expected to raise more awareness to the benefits of using Bitcoins in Africa.
Bitcoin Up by 0.6%; Bulls Keep Pushing
With nearly half of the week gone, things are looking good for Bitcoin traders. The price has been consolidating since morning time with minor fluctuations and now amounts to $663.67. The biggest changes (per our price chart) were observed late last night when volatility picked up and dropped the price from the day’s high of $662.53 to $653.02, only to raise it again to $656.38 in under 30 minutes. Fortunately, the value has since stabilized.
The good news is that trading volume is at a significantly high level, with the current value amounting to 83,760,800. High trading volume normally signals price boosts, which according to the technical analysis is likely to happen. Normally, the market price is just as high, or $10.6 billion.
The overall market trend is strongly inclined towards buying, with 10 out of 12 technical indicators and all 12 moving averages sending a buying signal. This is always a good sign, as it shows that bulls are once again taking over the market. The SMA 100 is still over the SMA 200, hinting that the upward trend is likely to continue. If the sellers don’t take over and break the $658 support, the bullish pressure might take the price over the $670 resistance.
As always, keeping a close eye on the market situation is strongly recommended.
Pirate Party to Win Elections in Iceland?
Iceland’s pro-Bitcoin party, the Pirate Party, might just take the win in the upcoming parliamentary elections this Saturday, the Guardian reports. The Pirate Party was founded by activists and hackers four years ago, following the public outrage over the involvement of the Icelandic prime minister in the Panama papers scandal.
The Pirate Party gained momentum by supporting anti-copyright movements, drug decriminalization and the acceptance of Bitcoins as legal tender in times when the country was in financial and political turmoil. After the 2008 collapse of the three major Icelandic banks and the Prime minister’s resignation, many turned to supporting the Pirate Party who proposed thorough changes to the country’s governance and constitution.
According to the polls, with 21-22,5% of the vote the Pirate Party may finish second or even win the election over the leading coalition consisted of the Independence and Progressive parties, which hold nearly 33% of the votes.