After peaking at $12,000 earlier this month, Bitcoin is once again hovering over the $10,000 level making everybody nervous. BTC/USD is currently trading at $10,290 on Bitstamp with relatively low volume. Overall the market is looking healthy which comes to no surprise since Bitcoin seems to love the current range.
Bitcoin News
When it comes to Bitcoin news, there is a recent report from Coindesk about a 25 year old seller who is facing life in prison for exchanging $25 million between cash and crypto. The government has been cracking down on unlicensed bitcoin dealers for quite some time now, and this case isn’t the first. What makes this case unique is the sheer volume that the trader exchanged. This is definitely a big win for the government as they’ve already seized over $1.4 million in cash and cryptocurrency from the seller.
For some more drama in Bitcoin world, Cointelegraph reported that Craig Wright will have to forfeit 50% of Bitcoin because according to the presiding judge on the case, Wright perjured himself by providing falsified documents to the court. The recent ruling is a win for Kleimen, whose attorneys filed a case against Craig Wright accusing him of stealing over $5 billion worth of funds.
Onto more positive news, In a recent interview with CNN, the Winklevoss twins said how Wall Street is “asleep at the wheel” when it comes to crypto. The twins are on a mission to bring cryptocurrency to the mainstream and it’s always great to see them give interviews to the mainstream media about the potential Bitcoin has. If you want to support the Winklevoss twins and their efforts, make sure to check out their Gemini exchange.
Cameron and Tyler Winklevoss, co-founders of cryptocurrency exchange Gemini, explain why they are bullish on Bitcoin despite the potential risks associated with it https://t.co/SAN7tRUvr6 pic.twitter.com/sZwJeb34kc
— CNN Business (@CNNBusiness) August 22, 2019
In other bitcoin related news, VentureBeat published an article about a teenager who made millions from crypto and invested it all into this token called Metal (MTL). MTL is the token behind a cryptocurrency wallet that lets users store different type of cryptocurrencies with ease. As expected, MTL’s price rose over 25% since the article was posted, which shows just how much media still has an impact on other cryptocurrencies.
Bitcoin Price Analysis
Relative Strength Index: The RSI is currently at a healthy 55 points. That means the market is neither overbought nor oversold. Since Bitcoin has been trading sideways the past day, we shouldn’t expect any big movements anytime soon.
Bollinger Bands: The price is also within the upper and limit Bollinger Bands. This further confirms RSI’s indication of a healthy market. The priceline is above the MA and is closer to the upper limit, so a breakout upwards wouldn’t be out of the question.
Trading Volume: The trading volume is moderately low at the time of writing. It’s not as low as it could be which is a good sign. The market did have a peak earlier today with a massive green candle, which means there is bullish pressure.
Bitcoin Price Prediction
My prediction for the next 24-48 hours is that Bitcoin will try to test the $10,500 level. Even though we’ve had some sideways trading the past couple hours, looking at previous spikes in volume we can speculate that something similar will happen. Because all the indicators are showing a healthy market and I’m a Bitcoin bull to begin with, leads me to believe that a new support will be tested by the market.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
Image(s): Shutterstock.com
