Following Bitcoin’s momentary breach of $9,000 last week, the market quickly reversed and price fell almost $1,000 to a low of just over $8,000. Since then, the market found support above $8,400 to trade up to a weekend high of $8,800.
Since that local high, Bitcoin again started to sell off over the last 12 hours to retest and find support again around the $8,400 level. This level is historically key as the 2017 support found here helped propel Bitcoin’s parabolic rise up to an eventual high of $20,000.
Bitcoin/USD
If price can find support following this morning’s fall, then it looks like it may be consolidating inside a potential rising wedge formation. At the time of writing, it looks like we may see some more short-term consolidation inside this formation.
Any break outside the upper or lower bounds would most likely cause Bitcoin to either fall back down to around the $6,800 support level or – if we see a bull market continuation – rise back up to a five-figure valuation for the world’s most decentralised digital asset.
Current live Bitcoin pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
About Bitcoin
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On 3rd January 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
More Bitcoin news and information
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.