It’s been a weird start of the year with the Bitcoin’s value remaining the same for a whole week. We already mentioned that 2016 started good for the cryptocurrency, which entered it with a price of around $430; six days after, it still hasn’t changed.
However, we don’t consider this inactivity to be a bad thing. On the contrary, it’s pretty good to see that the Bitcoin is capable of remaining around the $430 line, especially after the shaky period of sharp price fluctuations. As you may remember, 2015 was a crazy year for the digital currency that managed to hit record lows of under $200 and then jump to $500. Afterwards, the Bitcoin was constantly moving up and down for $10-50, an instability that was causing worries to traders.
Alongside this new stability of the cryptocurrency, traders also could hear about several interesting bitcoin related events. Here is what the first week of 2016 has brought to us so far.
Mike Tyson Bitcoin Wallet; Bitcoin Companies Ease Use of Bitcoin
Well, even though the worldly known Wired magazine has dedicated a whole article to Bitcoin explaining how 2016 is going to be the year the currency would go big, the event that attracted the most attention was related to Mike Tyson and his newly launched Bitcoin wallet.
The former boxing champion has already shown his interest in the Bitcoin market and technology; last year Las Vegas got a Mike Tyson Bitcoin ATM machine, for example. His latest project related to the currency is a digital wallet that can be used for storing coins as well as making Bitcion purchases or selling the currency. This is great not only because the market is richer for another high quality product, but also because the star’s popularity would definitely increase the popularity of the sometimes infamous Bitcoin.
Finally, we want to share two other amusing details before we move on to more technical analysis of the Bitcoin price chart and technical indicators. First, Austiran broker Coiniamal has introduced a new service that makes it possible to customers to purchase items on Amazon.de using Bitcoin. Second, popular exchange Bitstamp made buying coins using credit/debit cards even easier than before. Cool, right?
Price Chart and Indicators Overview
As the world seems to be still in festive mood, the Bitcoin seems to follow by refusing to move from the $430 mark. Today, its current trading price is $430.13, whereas the day’s range starts at $426.08 and goes up to $434.13. It would be great for the daily high to break the $435 line; nonetheless, at least not going below $425 is great.
All other numbers seen on the chart are sleepy as well. The year to date change remained into the negative territory with a value of 0.56%, whereas the market cap is still $6.04 B. The volatility is more or less the same with Monday’s numbers with a value of 22.58%. What used to worry us two days ago and what worries us today too is the low volume of 20,147.24. With such a low volume we believe there’s going to be a price drop pretty soon.
Both indicators and averages agree with this prediction of ours and thus signal traders to sell. Four out of 11 indicators are pro-buy, with four other being neutral. On the other hand, the majority of the moving averages (11 out of 12) are recommending Bitcoin owners to sell right away.