Craig Wright Still a Hot Topic; Price Falls

Several months ago the Internet was flooded with speculation that mysterious Satoshi Nakamoto, or widely known as Bitcoin’s creator, was Australian Craig Wright. However, the theories slowly died and were forgotten until last week when Wright publicly confirmed that he was indeed the person behind the world’s most popular cryptocurrency.

Several days later the Australian is still a hot topic in global media and every Bitcoin supporter as well as nemesis seems to have something to say about the latest revelation. Obviously, once Wright confirmed he was Satoshi, numerous individuals demanded proof of his claim. Thus, the last event related to one of greatest modern mysteries was Wright promising extraordinary evidence that he indeed invented the popular concept.

However, the Australian wasn’t the only mention-worthy figure; Larry Summers, former person in charge of the Treasury Department during Clinton’s presidency, commented on the Bitcoin and the technology behind it. In an interview he highlighted what an important innovation the blockchain was, but remained sceptical about Bitcoin’s future.

Bitcoin Trading at $445; $465 Just a Beautiful Dream

By the end of April the Bitcoin surprised us and went over the $460 mark; more precisely, on 26th of April the currency settled at $466.34 whereas one day later it started to slowly fall. Soon we saw the Bitcoin under $440 ($437.20). The situation improved once again on 30th when the cryptocurrency was trading around the $453 mark. Ever since, nonetheless, the Bitcoin has been losing on its value and at the time of this writing it was settled at $445.57.

When it comes to day’s price range or, more precisely, the price range in the past 24 hours, it can be seen that yesterday evening the price was generally around $447. Right before the beginning of this Wednesday the price had noted a jump of several dollars and traded for about $449, but never went over $450. Nonetheless, several hours ago the Bitcoin declined once again and hit the day’s low of $444.18.

The market cap today is under $7 billion and settled at $6.91 billion. The 24-hour volume has fallen in comparison to two days ago and its current value is $55,643,300. The price change in the past 24 hours has been in the negative territory with a value of -0.44%. These numbers clearly show that the Bitcoin has been losing its power and warn traders not to expect some drastic changes in the days to come.

Strong Sell Signal; Price Is Going to Further Drop?

If we add the strong sell signal to the declined volume, we can conclude that the price of the Bitcoin is highly unlikely to grow. A total of seven technical indicators including the RSI, the ROC and the STOCH are pro-sell, whereas only two are pro-buy. There are two more indicators whose signals are neutral and can be considered totally unhelpful at the present.

The situation is a bit clearer among the moving averages where all 12 of them send a strong sell signal. Each of the simple and exponential moving averages has a better value than the current price, but the difference is not that significant and thus the signal could be easily changed. Nevertheless, until such changes actually take place, we advise you to trade Bitcoin carefully and expect the price to fall rather than grow.

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