As probably most of you remember we finished last week with a fantastic price jump of more than 10 points and left the Bitcoin above the $380 mark. The situation was generally positive, the technical indicators were sending a favourable signal and we got pretty hopeful that the $400 threshold is the next milestone for the cryptocurrency.
Well, nothing of that actually happened and today we have an unimpressive start of February’s second week with value of $377.13 per coin. This is a huge disappointment to those that really hoped to see the currency giving its best performance and reaching new highs.
What’s done it’s done, however, and today’s situation is not that tragic anyway. Technical indicators have mixed feeling when it comes to buying or selling coins, while the world didn’t seem too much invested into latest Bitcoin happenings.
Serious Flaw in Bitcoin System Revealed
Forbes, as usually, dedicated a high quality article to the cryptocurrency focusing on a problem that can cause serious instability in the Bitcoin system unless it’s solved soon. The text explains how Bitcoin users can switch to new protocol, an action that results in tricking the system with registering two exact amounts of Bitcoin when there’s only one such amount. According to the author, if this isn’t fixed in near future, it could lead to a collapse of everything the Bitcoin has managed to accomplish so far.
News coming from “the lucky country” Australia revealed that the Bitcoin Group has decided to delay the public listing on the Australia Stock Exchange. So far, the company had six delays and faces constant setbacks. This is a bad sign, especially after the country changed its stance towards the cryptocurrency several months ago and many companies turned their backs on the Bitcoin.
Bitcoin Value Goes Between $370 and $380
Bad news is Bitcoin went under $380 again. Good news is Bitcoin didn’t go below $370. So generally, this is a relatively neutral situation, which hopefully would move in a positive direction pretty soon. The current trading price seen on our Bitcoin price chart is $377.17, with the exact value changing for several points up and down.
The highest price per coin reached for the day is $378.84, whereas in the past 24 hours the Bitcoin hit $379.86 too. When it comes to the lows, in the last 24 hours the cryptocurrency was trading for as little as $372.97, while today the price didn’t go under $374.24.
The volatility today is set at 57.31% and the market cap is still over $5.7 B ($5,746,202,592). The volume has notably fallen at 4,528 or $37,548,500. Nevertheless, if we analyse the last 24 hours price wise, we’ll see that there’s been a positive change of 0.27%.
We won’t dedicate a whole paragraph to technical indicators this time, because their signal is pretty confusing. Five indicators (STOCH, MACD, Williams %R, ultimate oscillator and ROC) are pro-buy. On the other hand two indicators and 11 moving averages are sending a strong sell signal. Therefore, you can’t really guess where the price would start moving any second now.
Possibly the strongest signal we can see right now is the one that tells us to be very careful when trading with Bitcoin. The currency is fluctuating all the time and even the technical indicators are not to be believed. Generally, bears lead for the time being and as long as this is the case, you shouldn’t hope for dramatic price improvements.