On Friday we wrote that the Bitcoin was stuck under $600 for a third day in a row. As you may remember, the volume at the time was pretty low, but both indicators and averages were sending a strong buy signal; meaning, it wasn’t too clear whether an upwards movement was an option.
It turned out, luckily for traders, that the latter were right and several hours after we published the text the Bitcoin hit $600. Most of the time the cryptocurrency has been trading over that mark, with its current trading price being pretty good $605.72.
The volume is still down however; it’s even lower than the Friday’s value. On the other hand, the indicators and the averages are still positive about the Bitcoin. Hence, no option is really excluded.
In terms of events, there haven’t been too many interesting things to mention. China’s investors are turning towards the Bitcoin, Whatsi has launched Bitcoin donations and a UK company sells drones for Bitcoins.
China investors Like Bitcoin; You can Now Buy Drones with Bitcoin
In a well-developed analysis of the situation in China, Quartz points out how investors in China are becoming more open to the idea of investing in Bitcoin. Even trading reports show that more and more Chinese people are trading with Bitcoin. Last year the Bitcoin and Chinese yuan trading made for about 60% of the trading share; this year the number has drastically improved to over 94%. This is obviously good news that can boost Bitcoin’s price as well as improve its reputation.
Another piece of information we would like to share is the fact that The Daedalus Group is a UK company that sells drones for Bitcoins. Namely, the startup specialises in Aerial Surveying with footage taken via drones. The decision to accepted Bitcoin comes as response to their goal to enter the Bitcoin market, where no similar services are offered.
Lastly, using Bitcoin for a good cause is now possible thanks to Watsi. The organisation that helps health care funding has now added Bitcoin as an option for donating funds. Thus, after the story of an anonymous donor that surprised The Water Project with a huge donation last week, we may hear a similar one related to Watsi pretty soon.
Price Improved for 0.41%; Volume Slowly Improving
So, depending on how to see the price chart, you can notice two interesting things. The weekly price chart shows how the Bitcoin has drastically dropped on 21st of September and then it noted the improvement starting two days later. The daily chart, on the other hand, highlights the jump from $600.69 to $606.83 that took place only several hours ago.
The day’s low on the chart is $598.10, whereas the highest reached price in the past 24 hours was $606.90. The current trading price is a bit over $605. The overall price change in the past 24 hours has been 0.41%.
The market cap has slightly improved and today it’s settled at $9.62 billion. The volume was around $40,000,000 several hours ago, but now it’s improved a bit. Its current value is $46,289,900. Can this be a prediction for price jumps?
It should be noted that the technical indicators and the moving averages are sending a strong buy signal yet again. Therefore, traders may expect for the Bitcoin to improve. A total of nine out of 11 indicators and 12 out of 12 averages are pro-buy.