Those expecting to see a dramatic change in Bitcoin’s value should stop hoping; the cryptocurrency doesn’t seem to move from its current value between $370 and $380. Even though there was one price jump in the past several days, most of the time this February the Bitcoin was stuck around $375. The digital currency has been ignoring technical indicators’ signals and events; thus, stubbornly it remains where we left it two days ago.
Nonetheless, at least the world of Bitcoin is not as monotonous as the currency itself. In the past 24 hours there’ve been lots of interesting events that caught our attention and that could, hopefully, push the value per coin in a positive direction.
The situation at the technical indicators changed to the positive too; so, maybe this week will be the one when the Bitcoin ship finally gets wind in its sails and moves forward.
Bitcoin Might Split in Two; Investors Still Believe in Bitcoin Companies
Well, there are some amazing things that happened very recently and Bitcoin can be pretty proud of them. However, before proceeding to positive news, we would like to mention one scary possibility highlighted by the Verge.
Reportedly, there are two sides whose ideas for the cryptocurrency are moving in opposite directions; if this continues we could witness the Bitcoin split in two! Obviously, such a thing would hurt the Bitcoin and definitely lower its value. Therefore, we hope the parties would find a way to work together and prevent this from happening.
Aside from this worrisome possibility, everything else was quite good actually. The Wired wrote that Valve’s Steam might start accepting Bitcoin payments very soon. According to the magazine, Valve’s content would probably be made available to Bitcoin users via BitPay.
Additionally, we had a chance to see that investors still have faith in the digital currency thanks to a Bitcoin company that raised lots of cash from big names in the industry. The article reveals that Bitcoin-related businesses in 2015 generated venture capital money of $485 million, which is more than any other year in the past.
Finally, the last news we found amusing for today is the Bitcoin textbook published by Princeton. Its first complete draft can be accessed for free and features over 300 pages. Princeton University stated that the official full version would be available this summer.
Price and Indicators Analysis
Since the price jump noted in the beginning of the month turned out to be a false alarm, we can see the Bitcoin trading for familiar $376.54 per coin. The day’s high, however, reveals newly found strength that almost pushed the currency over $380. Unfortunately, that still hasn’t happened and the day’s high remains at $379.38. The day’s lowest value per coin is $374.81. The volatility is still around the 50% mark with an exact value of 51.62%, whereas the volume has jumped at $64,345,400 or 5,900. Today the market capitalisation of Bitcoin is $5.75 billion.
We aren’t sure whether we’ve seen the technical indicators so positive since the beginning of 2016. Nevertheless, today they send a strong buy signal and predict a price jump. Eight indicators and eight moving averages believe that there are good days in front of the Bitcoin. On the other hand, only four averages are pro-sell and three indicators are neutral.
Regardless of the overall positive atmosphere for the Bitcoin, we once again advise you to trade very carefully. The stagnation over the past days showed us that even when everything points to jump in value, such thing doesn’t necessarily happen.