The Bitcoin just can’t get a break these days. Right when we thought the situation got better and we witnessed a good price jump, Russia revealed plans to impose jail sentences for those handling Bitcoin, whereas Microsoft turned its back on the cryptocurrency.
Not surprisingly, such serious news from such big players in the world and on the global markets had a negative effect on the value per coin; hence, today we can see that the $420 worth from Friday has changed into $414. For now, we only can hope that there won’t be any further drops, even though the technical indicators strongly support the thesis that the Bitcoin will decline in the days to come.
Microsoft Removes Bitcoin from Store; Central Banks Introduce the RSCoin
Even though Microsoft has been one of Bitcoin’s best friends ever since it started accepting Bitcoin payments in 2014, the company decided to quietly cease its support to the cryptocurrency and remove it from the accepted banking method list at the Microsoft Store. Despite the fact that the technology giant tried not to make a big deal out of its decision, global media paid a lot of attention to the removal of the Bitcoin nonetheless. This is definitely a hard blow to the digital currency that’s having hard time to get back on its feet even without this latest loss of an influential friend.
As if one bad news isn’t enough, central banks have introduced the RSCoin, which could be a huge threat to Bitcoin and its survival. This digital currency is still a proto-type, but considering the great scope it has (much greater than the Bitcoin’s) we can guess that once released it could easily become a huge hit among users.
The last article that caught our eye this Monday is the one on TechCrunch that focuses on the great Bitcoin divide and the possibility for it to be solved. The text explains the key players, mentions the Satoshi roundtable and analyses the discussions held at the event.
Price Falls, Volume Jumps
Last Friday as well as Saturday the Bitcoin managed to successfully maintain its value of $420. However, Sunday and Monday brought a sharp fall of several points and the current trading price of the currency is $414.88. When it comes to the day’s range, the lowest value per coin in the past 24 hours was $411.80, whereas the highest price hit was $415.40.
The volatility measured today is 45.11% and the market cap has slightly dropped at $6.36 billion. The volume has jumped again; if you remember, on Friday its value was $89,607,100 and today it’s set at $92,339,000. As you already know, volume increase always signals price change; considering the news and the overall situation, we can’t help but think the change is going to be negative.
It’s interesting to note that the situation today is almost identical as the one seen on Friday, but in the opposite direction. This Monday we can see that eight indicators (RSI, MACD, ROC and five others) are pro-sell, whereas three are neutral and signal that the Bitcoin is being oversold. Only three days ago we had eight indicators sending a buy signal and three neutrals showing the cryptocurrency was being overbought.
Similarly, all moving averages have high values that recommend traders to sell, while on Friday all of them were supporting those that wanted to buy coins.