According to our Bitcoin price chart, the cryptocurrency is giving us a hell of a ride these days. First, it’s been falling and then it got back on its feet. Soon enough it started declining again, but today we can see it over $420 one more time.
Possibly, Japan’s plan to accept the Bitcoin as a currency positively affected its price; whatever the case, it’s great to see that our favourite currency doesn’t intend to give up and collapse anytime soon. So, let’s see what February’s last Friday has in stock for us both in the news and technical analysis sections.
Russian Drug Dealers Use Bitcoin More than Ever
It’s interesting to see that two prominent Russian portals have dedicated whole articles on the Bitcoin, which is banned in the country. Sputniknews reported worrisome numbers, according to which Bitcoin use among drug dealers in Russia over the past two years has grown for 20 times. The information was provided by Dmitry Buyanov, deputy head of the FDCS Operational Search Department.
Tass, another reputable Russian website, focused on general Bitcoin use among the country’s citizens. Reportedly, Russia is the fifth country in the world when it comes to Bitcoin users; the top three countries, according to the portal, are USA, China and Germany. We believe that this is a sign for the country to finally accept the Bitcoin instead of fighting it; with proper regulation, thousands of Russians will be able to make safe and secure transactions, plus abuse of the cryptocurrency could be efficiently treated as well.
$425 Hit; Indicators Signal Traders to Buy
Two days ago the price fell and almost reached $410. Luckily, it stayed over the threshold and today we can notice it jumped again. The current trading price of the Bitcoin is $424.08, but the operator breached $425 as well; the day’s high, for the time being, is $425.58. The lowest value noted for the day is $419.77. In comparison to Wednesday’s high of $426.16, however, we can see that currency hasn’t reached its full potential.
The rest segments of interest show pretty neutral results. The volatility is 49.78%, which is a bit lower than two days ago (51.04%). The volume dropped a bit from 7,761 to 5,605. This means that once again we can’t expect some drastic price changes during the weekend. Naturally, this may happen if something unforeseen happens. The market cap, on the other hand, jumped over $6.4 billion and hit $6.51 billion. Overall, the price change in the past 24 hours has been in the positive with a value of 0.58%.
It’s a dream writing about the Bitcoin today since everything is so positive. In addition to the favourable situation on the chart, we can see hopeful predictions by the indicators and the averages as well. Once again, all 12 moving averages we take into account are sending a strong sell signal, while not a single indicator is pro-sell. A total of eight indicators including RSI (62.239), ROC (1.190) and MACD (0.490) are suggesting traders to buy.
One thing we would like to point out is the neutral signal, or more precisely overbought one, send by three indicators (STOCH, Williams %R and CCI). In situations like this, this could mean that purchasing Bitcoin in massive amounts may result with a price drop anytime soon.