Bitcoin endured a surprisingly volatile Easter weekend as it traded within a 10% range between $7,300 and $6,570.
As of Tuesday morning it is trading firmly in the middle of that range, with price being lured back towards the $6,800 mark.
Bitcoin continues to present a number of bullish cases on both lower and higher time frames, the first of which would be a breakout above the $7,400 level of resistance before next month’s halving event.
The next test would be taking out the daily 200 moving average, which is currently in confluence with the $8,080 level.
However, from a higher time frame perspective Bitcoin needs to avoid closing daily and weekly candles beneath the diagonal trendline dating back to 2017, which is now at around $4,500.
A break below this level would indicate a transition into a bearish phase in the market, with downside targets continuing to emerge at $1,800 and $1,150.
Another point of resistance to the upside is at around $9,400 as it connects to the diagonal trendline dating back to December 2017, which has not been broken for more than two years.
Regardless of whether the halving has the desired impact on price action remains to be seen, but from a short-term perspective the trend is absolutely bullish with Bitcoin being 71.68% up since the turn of the year despite economic instability driven by the Coronavirus.
For more news, guides and cryptocurrency analysis, click here.
Bitcoin pricing
Current live BTC 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 January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
More BTC 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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.