Bitcoin Drops Under $900 Again

In the past seven days traders saw a lot of incredible movements of the Bitcoin price. Just seven days ago the cryptocurrency was struggling around the $760 line, while only two days ago it hit a considerable high of $903.01.

Naturally, ever since the $900 threshold has become reality, everyone’s been wondering what’s next. The Bitcoin often knows to make traders happy with a high value and then drop right back where it started climbing. On the other hand, there were times when its price was improving and reaching new top values for days. Which scenario is more likely at this point is hard to tell; however, it is obvious that for now the currency is stable between $880 and $900.

Whatever’s next, the soaring price of the world’s most famous digital currency has attracted lots of attention in media worldwide. Thus, in addition to all kinds of price predictions, there’s even been an article in the Observer predicting that “the Bitcoin will change money like the Internet changed Video.”

US Government Wants Bitcoin Away from Marijuana Shops

As Bitcoin’s price grows alongside its popularity among traders and regular users, US legislators are trying to undermine its use. Namely, the Washington State Senate has witnessed the filing of a new bill sponsored by Senators Steve Conway and Ann Rivers named SB 5264 that tries to prevent local marijuana businesses from using the cryptocurrency. Under “using” the bill includes both buying goods and receiving Bitcoin payments from customers. Considering the fact that these businesses still face a lack of banking access, prohibiting them from using the Bitcoin would be a serious blow to them.

In other news, both Yahoo Finance and Business Insider have focused on the price of the cryptocurrency. Yahoo Finance takes readers back in 2014 and reminds them of the infamous statement by Warren Buffed who claimed that nobody should worry about the Bitcoin’s price jumps and called it a “mirage.” He also warned investors to stay away from the cryptocurrency. Today, with a value per coin of $900, the portal is asking whether Buffed was wrong about the Bitcoin; we believe he definitely was!

Business Insider, on the other hand, reminds how the Bitcoin lost around 35% of its value after the $1,161 high when the market was hit by news that China had started an investigation into Bitcoin exchanges. However, the paper now points out that the digital currency has recovered and its value is soaring yet again.

Volume Slightly Drops; Still There’s a Strong Buy Signal from Indicators

In terms of Bitcoin price, our chart reveals a value of $884.63 per coin. Yesterday night the currency went again over $900, reaching a 24-hour high of $901.37. The low of the day was recorded only several hours ago and it was $880.93. This shows that the price moves for about $20 up and down; however, it never went under $880 or over $905.

The 24-hour volume has slightly dropped in comparison to its amount of two days ago. However, a volume of $91,157,400 is considered strong, meaning traders can except the price to remain stable or even grow. The market cap is still soaring with a value of $14,413,859,538.

Finally, it should be pointed out that the indicators are sending a strong buy signal, predicting that the price will grow. Eleven out of 12 moving averages and 7 out of 11 technical indicators are advising traders to invest their money in Bitcoin.

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