Remember when we said that if the Bitcoin manages to remain around $420 in the period when it’s recollecting its power to jump again then we will see the $425 mark breached? Well, that has happened yesterday when the cryptocurrency reached a peak of $425.18 for a short period of time. Even though it quickly fell below that mark, it still has a strong current value of $424.19.
This is finally a really good piece of information for traders who have been impatiently waiting to see the cryptocurrency start moving into a positive direction with far more confidence than before. Additionally, the world of Bitcoin was also interesting thanks to several separate events that attracted lots of attention.
Hence, first we will check out mention-worthy news and then we’ll move on to technical analysis of the price chart and the indicators.
Airbnb Employs a Team of Bitcoin Experts
In terms of most talked-about happenings, it’s easy to pick a winner since the whole world got excited learning that Airbnb has acquired a team of Bitcoin Experts. Namely, the home-rental company took over the team behind ChangeCoin, a startup offering an interesting service called ChangeTip. Many experts share the same opinion that this step is expressing interest in Bitcoin and blockchain by Airbnb; thus, customers of their services possibly would be given the chance to pay in cryptocurrency, but also have a more secure and reliable way of sending and receiving payments.
Aside from this, Wired dedicated a cool article on how to prove that you’re Satoshi Nakamoto. The text is a great read that focuses on the reported creator of Bitcoin Craig Wright and what evidence he can provide in order to convince the suspicious cryptocurrency community that he’s indeed the person behind the concept.
Not all news was positive though; The Hindu, a popular Hindu portal, asks whether the Bitcoin has become the new ransom money. Such claims, naturally, hurt the currency’s reputation and make people despise it. Additionally, the Igot scandal that hit Australia resulted in calls for tougher regulation which could be both good and bad for the Bitcoin.
Chart Reveals Constant Improvement; Indicators Send a Strong Buy Signal
If you open the one-week price movement you’ll notice that ever since 9th of April when the value per coin was $414.29 there’s a constant improvement of the Bitcoin’s worth. This culminated yesterday when the currency hit $425.18 and right away returned to trading between $423 and $424 per coin.
Talking about the movement in the past 24 hours, players can spot instability and constant changes. Aside from the day’s high which was already mentioned, the day’s low was $422.73 at the moment of this writing. The price improvement boosted the market cap, which jumped at $6.55 billion, whereas the volume hasn’t changed too much with its value of $64,999,400.
Moving on to the technical indicators and moving averages, we can see that almost all of them send a strong buy signal. Only one indicator (ADX) and one average (5-day EMA) are pro-sell, plus two indicators (RSI and highs/lows) are neutral. Not a single indicator is showing signs of overbuying, thus we can hope to see the Bitcoin improve a bit more or, at least, remain at its current position in the near future.