Bitcoin Hits $460 and then Gets Back Right Where we left It

Finally the drama surrounding the possible creator of the Bitcoin Satoshi Nakatomo seems to have calmed down. There are almost no portals mentioning Australian Craig Wright and his claim that he’s the person we should thank for the existence of our favourite cryptocurrency.

This leaves space for other Bitcoin events to steal the spotlight as well as to closely focus on the price chart once again. In terms of price there were some interesting movements. In fact, the currency managed to jump and breach the $460 mark on late Monday, but it quickly lost its power and went right back where we left it Monday morning.

The current trading price is far from bad and the signal we receive from indicators and averages promises value improvements. All these numbers are further supported by the increased volume, which also could be seen as a prediction for upwards movement of the Bitcoin.

Forbes Writes About Bitcoin Wallets; Blockchain Goes Corporate

Now that Craig Wright and his story are out of the picture, at least for the time being, reputable media have found other points of interest related to Bitcoin. Forbes dedicated a whole article on open source Bitcoin wallets, explaining why these products are generally more trusted than the rest. As the author concludes, developers can look at how open source wallets work and verify that there’s nothing suspicious going on in the system.

Another well-established portal paid attention to the Bitcoin or rather to the blockchain. The text explains how the blockchain has gone corporate and claims that the technology has outgrown the cryptocurrency. The author concludes that even if the Bitcoin fails in becoming a widely used currency (which we believe it already is), the blockchain will certainly find lots of uses in the modern society. One of the most interesting examples is making voting “fraud-free, verifiable and nearly instant.”

In the meantime, Bitcoin operators are impatiently waiting for Japan to finally regulate the cryptocurrency and so are we. More and more shops in the country are accepting Bitcoin payments and businesses as well as users are in desperate need of regulation, which would essentially provide protection for both sides.

Possible Price Jump on the Horizon?

The current trading price of the Bitcoin is set at $454.47 and the exact value often moves up and down for several points. This is easily noticeable with the price range recorded in the past 24 hours during which the highest value was $454.36 and the day’s low was $448.85. However, the most attractive price was actually noted two days when the Bitcoin reached $461.48; nonetheless, it stayed there only for several hours before falling under $460 again.

Since Monday the market cap hasn’t changed too much and its current value is set at $7.06 billion. However, a significant shift in value can be noticed in the 24-hour volume; today it’s settled at $57,729,400 and it’s much higher than Monday’s $37,004,800. This increase could be a sign that the Bitcoin’s price will improve in the days to come.

Our thesis is supported by the technical indicators and the moving averages. Both send a strong buy signal, which usually predicts price jumps. There are only four neutral (RSI, STOCHRSI, Williams %R and Ultimate Oscillator) and one pro-sell (MACD) indicators as well as a single pro-sell average (200-day SMA).

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