When we noticed the increased volume on Monday morning, we hoped that it signaled further price improvements. However, on March’s last Tuesday the Bitcoin noted a drop in value of several points and currently is trading for $412.89. We can conclude that $413 is the average price of the day, considering the fact the cryptocurrency constantly moves up and down around it.
At least the technical indicators and the moving averages have finally agreed on their signal; majority of them are recommending that traders should sell, announcing the price may continue to fall. However, we’ll analyse what’s the exact situation a bit later.
Ethereum Still Attracts Lots of Attention; Bitcoin Technology Facing a Big Test
We already mentioned that the digital currency Ethereum has improved its value drastically over the past weeks and it became one of Bitcoin’s main rivals. Well, the Ethereum is still a hot topic and even Forbes dedicated a whole article to it, playing around the idea that the digital currency might be the new Bitcoin. Even though we highly doubt that this may turn out to be true, it’s still a good read for those interested in investing in emerging cryptocurrencies.
Back on the Bitcoin, the Wall Street Journal revealed that the currency will be facing a big test on the trillion dollar repo market. More precisely, the Depository Trust & Clearing Corporation announced plans to test a blockchain based application to see if it can be used in the massive repurchase agreements market. If this turns out positive, the Bitcoin would definitely see its price grow as a result.
Finally, the last piece of information that caught our eye in this last post in March is the interview Blockchain Cofounder and CEO Peter Smith gave to the Business Insider. In the video interview Smith discusses his Bitcoin journey and concludes that there’s a chance of failure for everything and the cryptocurrency isn’t an exception.
Price Chart Analysis
Analysing the chart today isn’t such a pleasure as it was two days ago. Nonetheless, the situation is far from bad considering the fact a single coin is trading for $412.98. It seems that until the two opposing Bitcoin parties come to an agreement and the long expected mining prize change is applied, we should get used to seeing the Bitcoin around this threshold.
If we pay attention to the price movement in the past 24 hours we can spot that the maximum price per bitcoin was $422.33, whereas the lowest price was reached only several hours ago and it was $410.50. Nonetheless, generally speaking the average price is around $413.
The market cap has fallen a bit and today it’s settled at $6.37 billion, whereas the volume is still high $77,873,300. The overall change in the past 24 hours was -2.14%. Even the weekly graph gives a clear view on the sharp growth noted Sunday evening through Monday morning and then the slow decline in the following days.
As we already mentioned, majority of the technical indicators and moving averages is pro-sell. A total of eight indicators including the RSI and the MACD are signalling traders to get rid of their coins, whereas only three are neutral. Similarly, a total of nine averages are pro-sell and only three are pro-buy. This is a strong indicator that the price may further fall.