Two days ago the most shocking and worrisome piece of information was the news that Microsoft has turned its back on the Bitcoin and stopped accepting payments in the digital currency in its store. At the time the price dropped for several points and from trading for $420 it started trading for about $415.
What seemed like e huge deal then, today it’s something to laugh about because the tech giant revealed that the message informing customers that Bitcoin payments are no longer accepted was a mistake. Reportedly, Microsoft gave a brief explanation to the Verge and didn’t provide further information on how and why the statement was published in the first place. Nonetheless, users at the store can top up their accounts with the cryptocurrency and that’s all that matters now.
It’s interesting to note that the digital currency has found its way in the Arabic world as well; so, today we can see a whole article dedicated on it in the reputable Dubai-based paper Gulf News. According to the analysis provided there, Bitcoin’s future depends on whether the currency would manage to maintain low volatility.
Price Remains around $415 Mark
There haven’t been any drastic changes when it comes to the price per coin. Two days ago we had a day’s range between $411.80 and $415.40, which is a bit worse than the one we have today. In the past 24 hours the lowest value the Bitcoin reached was $413.15, whereas the day’s high is set at $416.14. Nevertheless, the price is moving around the $415 threshold most of the time.
The volatility has fallen a bit and reached 44.31% after it noted a value of 44.11% on Monday. Another segment that dropped is the volume; two days ago it was over $90k, but today its value is $64,804,700. This perfectly illustrates the current stagnation of the price and possibly signals a similar behaviour in near future. The only thing that did grow in the days that have passed is the market cap, whose value on Monday was $6.36 billion and today it’s almost $6.40 billion.
Indicators Sending a Strong Buy Signal Once Again
Obviously the technical indicators and the averages are playing tennis with the signal they send. Last Friday there was a strong buy signal, then it changed into a strong sell signal only to see them today once again recommending traders to buy.
If we focus our attention on the indicators, we’ll notice that eight of them are pro-buy and three are neutral. None are sending a sell signal. The RSI and MACD respective values are set at 58.756 and 0.270. The ROC and the ultimate oscillator, on the other hand, are set at 0.241 and 57.044 respectively. The Williams %R (-3.408) and the STOCH (100.000) warn traders that the cryptocurrency is being overbought.
When it comes to the simple and exponential moving averages, all of them are sending a positive buy signal. Their values are mostly around the $414 threshold and thus they predict that the price will probably grow. With these cards on the table, we can say that the Bitcoin has a pretty strong hand and hopes to see it jump are well justified.