Well, one thing that’s certain these days is that the Bitcoin is missing a lot of power to move from the $660-670 territory and reach the long-awaited highs. There’s barely anything to write about when the price movements are in question since the cryptocurrency has been constantly moving up and down for several dollars and never reached anything worth mentioning. The current trading price per coin is $664.47 and there’s absolutely nothing impressive about it.
Aside from the slight jump recorded on Monday, the price chart reveals that the Bitcoin’s value has been rather stuck with a weekly low of $654.93 and a weekly high of $677.94. To make things worse, the volume is also low these days, meaning the chances to see the currency start an upwards trend are extremely low.
This Friday is so calm that even the Bitcoin-related news are only a few and far from important. Therefore, unless something really significant happens over the weekend, we can expect a peaceful end of the week without any drastic price changes.
Technical Indicators Send a Strong Sell Signal
If we, for a second, forget about the weekly price movement and analysis and focus on the past 24 hours, we’ll notice that the price has been generally stable. Yesterday afternoon the price was weaker and noted the day’s low of $658.81, whereas afterwards it jumped and reached the high of $664.48. Ever since the price has been going up and down and not once went under $660. With that, the overall price change in the past 24 hours was positive 0.23%.
The market cap, as we can see today, has dropped a bit. Nonetheless, it still remains strong over $10 billion with a value of $10,485,173,240. The 24-hour volume, on the other hand, has improved only a little bit and reached $60,152,200. Nonetheless, this is not enough to warm our hopes of seeing the Bitcoin grow.
Another supporting argument of the claim that the cryptocurrency is unlikely to improve is the signal by the technical indicators and the moving averages. Nine out of 11 indicators strongly suggest that traders should sell, while only two are neutral. The STOCHRSI also indicates that the Bitcoin is oversold, which is never a good sign.
The moving averages, similarly to the indicators, send a strong sell signal. Only one of them (200-day EMA) is pro-buy, whereas all the others support the claim that the price would probably decline in the days to come.
First Bitcoin Securities Fraud Case Concluded
As we already mentioned, the Bitcoin world was quite calm these days and therefore there aren’t too many interesting things to share. One thing that readers may find amusing is the fact that the first Bitcoin securities fraud case has been concluded and the Texas man responsible for the crime was sentenced to 18 months in prison.
Additionally, the growing interest in Bitcoin and Ethereum inspired The Huffington Post to publish an educative article on how to buy the cryptocurrencies quickly. This is enough to understand that even reputable media who never focus on topics that aren’t attractive have recognised the potential of our favourite digital currencies.