Bitcoin and other Cryptocurrencies seem to have rebounded from their seemingly never-ending shortfall, and acceptance seems to be fast on the rise. Today in trading Bitcoin had one serious bull market, right out of the opening gates Bitcoin managed to rack up from $8 700 to $8 800. Yet, towards the end of the day they dropped to a total of $8 815, which inevitably is causing a constant re-correction towards previous levels, well at least during the time this article was researched.
The Incredible News Explained
The BTC price has boosted by a total of 4.35%, now if you’re wondering what this all means, read on. Bitcoin and Bitcoin cash have improved to such an extent and thereby, gained so much credibility that local authorities have now deemed them as a new method for Florida citizens to pay their taxes with.
Residents in Florida will now have the opportunity to pay for items such as driver license renewal, property taxes or ID cards with BTC all through the well-known BitPay application. When delivering the news to the press the Seminole County Tax Director, Joel Greenberg stated that the main motivations for doing this were the new types of consumer demands.
Mr Greenberg further went on to argue that living in a world where technology dominates interactions and consumers, therefore, demand instantaneous results from businesses, that governments should also live up to consumer expectations and deliver a platform for instantaneous results.
This heralds a positive note for Bitcoin and other Cryptocurrencies, in that BTC will be integrated into ordinary everyday activities thereby broadening the understanding and appeal of Cryptocurrencies and Blockchain technology on a mass scale. This will most likely increase the adoption rate of Cryptocurrencies and Blockchain technology throughout the world.
Overview Of Financial Indicators
Moving back to the financial indicators of Bitcoin, Bitcoin price was most recently sitting on a high of $8 790, however will most likely be falling due to investors seeking to sell in light of the burgeoning demand. Looking at other factors, the total RSI of Bitcoin has shifted from the original 67 to a significantly decreased value of 55.
Yet if we compare the RSI with SMA, we see a different story. The SMA of Bitcoin began on 50 and has managed to pull its way up to 100, this should be a message to all potential and current buyers that the time is now to invest, should they want to reap rewards instead of what ifs.
Moving on to immediate support for BTC this is currently sitting on $8 750, however, if we move anywhere above this figure and Bitcoin is highly likely to drop once again. All in all an interesting day in the markets, what is clear is that Bitcoin and its corequisite Blockchain technology has managed to impress so many people that it has made its way into government departments. How long before Blockchain technology has integrated into all of our financial and personal detail holding apps, servers and data models? Well, we’ll just have to wait and see.