Sometimes writing about Bitcoin’s movement on the price chart is a real déjà vu. Countless times the cryptocurrency was dropping down and then everyone was impatiently waiting for it to recover. So many times it went under a certain mark and then victoriously it breached the very same mark.
The situation is pretty similar these days, after the Bitcoin declined and fell under $600. This didn’t last long as the currency reconciled and then traded for a bit over $600. In the past 48 hours the cryptocurrency briefly lost on value, but managed to recover yet again. Thus, in the past 24 hours the price has been moving between $602 and $608.
Generally speaking, the Bitcoin-related numbers aren’t too promising with the volume not being as high as we would like it to be. Additionally, the indicators and the averages have changed their strong buy signal into a strong sell one.
Nonetheless, that didn’t stop the cryptocurrency from scoring wins worldwide. Since we posted the last article there have been several quite interesting Bitcoin-related events and we will mention them all.
Nothing Significant Price Wise
Well, today there is much more to write about the price and thus we will only briefly mention the crucial info. So, the lowest and highest prices noted in the past 24 hours were $602.75 and $608.62 respectively. These values show that the amount never dropped under $600 and that’s a good sign. Nonetheless, the overall price change was -0.05%.
The market cap of the cryptocurrency is $9.62 billion; a value that is virtually unchanged from the one recorded on Monday. The volume however, has improved a bit. Nevertheless, this doesn’t necessarily mean that the price will grow.
Traders should be especially cautious because of the signal received from the indicators and the averages. Namely, the majority of the technical indicators are pro-sell and only two are neutral. Not a single one is sending a buy signal. The situation among the averages is a bit more complicated with seven of them being pro-sell and five being pro-buy.
Bitcoin Embraced in South Africa; Accepted in a Russian Coffee Shop
As we already announced, there were quite a few Bitcoin-related news in the past 48 hours. The first on the list is the interesting report that tens of thousands of merchants in South Africa accept Bitcoin thanks to the government’s friendly stance towards the cryptocurrency.
Another very interesting thing is the first Russian coffee shop that accepts Bitcoin. Namely, customers at the Moscow coffee shop can use this form of payment to buy their morning coffee as well as everything else on the menu. This is revolutionary since it’s known that the Russian government isn’t a strong fan of the cryptocurrency.
The Bitcoin has find its place in Japan too. Turns out that a utility venture plans to promote cheaper electricity payments to Japanese customers via the cryptocurrency.