If the increased volume is ignored, it can be said that we can expect yet another boring weekend when it comes to the Bitcoin. The cryptocurrency is still trading in the area between $600 and $605, seemingly not interested to either jump over the $610 mark or drop into the $500 territory.
The majority of the indicators and the averages are sending a strong sell signal and the digital currency leaves an impression of being depressed. However, all this can be brightened up with the fact that the volume has improved. Thus, there is hope that the Bitcoin will find strength to grow at least a little bit.
In terms of Bitcoin-related news, there are certain things that we believe are worth sharing. An in-depth analysis, for example, highlights why the Bitcoin is still better than its main rival the Ethereum. Also, an India-based Bitcoin startup has managed to raise $1.5 million in funding.
Indian Startup Collects $1.5 Million in Funding; Bitcoin Still Better Than Ethereum
So, possibly the most important piece of information for today is the largest funding ever collected by an Indian Bitcoin startup. Namely, the Bangalore-based starup managed to raise a total of $1.5 million from US and Indian investors. The company runs a trading platform where users can buy, sell and store coins. It is developed for Indian customers only and it already has over 30 employees and more than 100,000 users.
Interestingly, Unocoin has described itself as the Coinbase of India; those familiar with the company know it’s the largest American Bitcoin company that operated an exchange platform and a Bitcoin wallet.
Besides this, there were reports that 100 women from Zimbabwe will be introduced to the power of Bitcoin. Turns out, they will be given coins that they can redeem for goods at some suppliers. This Bitcoin accelerator programme for women farmers is organised by the first black-owned Bitcoin startup BitMari. The goal is to help unbanked farmers to learn the usefulness of the cryptocurrency that would eventually help them return their initial investment by the end of the second harvest.
Lastly, Nasdaq has published a nice article on Bitcoin vs. Ether. The text points out how the latter’s decline was highlighting Bitcoin’s biggest weakness. It also points out that the Bitcoin is still better than the rest digital currencies because it can be used for purchasing goods and services. Thus, it’s important for it to stay relevant by being accepted at more and more locations and shops.
Price Declines for 0.17%
So, nothing came out from the hopes that the price will grow. That means that the positive indicators were wrong and the low volume was right. However, today the situation has shifted and thus traders can expect to note price jumps over the weekend.
The price chart reveals that during the past 24 hours the price was generally moving from $600 to $605. The lowest price recorded during that period was $603.12, whereas the highest one was $605.75. This didn’t affect the market cap too much, since its current value is still $9.6 billion.
The change that must be mentioned, though, is the one regarding the volume. If you remember, on Wednesday its value was under $50,000,000 and today it’s increased to $54,849,400. As always, when there is increased trading volume, we have a reason to believe that the price will improve.
The indicators and the averages, however, disagree. A total of eight indicators and 12 averages are sending a strong sell signal. Only the ultimate oscillator is pro-buy, while the STOCHRSI shows that the Bitcoin is oversold.