World’s most popular digital currency, the Bitcoin, seems to be unstoppable in its quest towards $500 as its value continues to grow every single day. The latest milestone to be breached was the $460 mark, even though the $465 one was hit as well. To make everything more interesting, the volume is still holding a value that may be announcing further price improvements. Additionally, the technical indicators are sending a strong buy signal.
Several posts ago we mentioned that if the Bitcoin survives the monotonous period of movements up and down around the $390 line and manages to regain strength, the possibility to see it hit $500 is huge. With a current trading price of $466.02, we have every right to assume that our guess was true.
Bitcoin User transfers almost $140K to BitClub by Mistake
Even though the price increase is really important to thousands of Bitcoin users and traders, the top event that took place in the past two days is in fact related to an accidental transaction of coins. Namely, a still unknown user of BitClub was trying to send $137,000 in Bitcoin to another person and tip the provider for the service with $5. However, the person managed to make a mistake and send their friend only $5 and tip the company with $137k instead. Due to anonymity of Bitcoin transactions the user is not known to the company and probably they’ll never find out whether someone really wanted to treat them for their good work or made an incredible mess by mistake.
Another interesting piece of information that caught our attention in the past 48 hours was the statement of Matthew Hancock, UK minister for Cabinet Office and paymaster general. According to what he said, the country was exploring the option of paying out and monitoring taxpayer-funded research grants in Bitcoin.
Finally, Nasdaq has published a list of Bitcoin’s real use cases in the 21st century. Some of the things mentioned include trading, discount shopping and online gambling.
Bitcoin Price Hits 18-Month High; Stabilises Around $465
Looking at our Bitcoin price chart is crazy, regardless whether you filter by day, week or year. However you decide to analyse the situation, the conclusion is that the Bitcoin has reached an 18-month high and it seems powerful enough to reach the $500 milestone.
If we try to determine the price range in the past 24 hours, we’ll see that the low is, in fact, over $460 ($460.67) and that’s simply amazing. Plus, the price maintains strong value as time passes and this low constantly improves. At the time of this writing the high was $466.67, whereas the price was moving around $465 most often.
Alongside the price grows the market cap too; its current value is set $7.19 billion. The 24-hour volume is $67,836,500, meaning further price jumps aren’t excluded as a possibility. In the past 24 hours the overall price change has been 0.38%.
In terms of technical indicators’ signal, traders should definitely invest in Bitcoin. Both the indicators and the moving averages are sending a strong buy signal. Only two technical indicators (STOCH and bull/bear power) are pro sell and three of them (STOCHRSI, highs/lows and ultimate oscillator) are neutral. All 12 exponential and simple moving averages, without an exception, are pro-buy.