Bitcoin endured a turbulent weekend of price action after falling to as low as $8,670 before bouncing back to the $8,830 level.
The plunge in price comes after a 12-day period of consolidation following the failure to break out above $10,000 on the second occasion.
It has caused key moving averages on lower time frames to tick back to the downside, indicating that a further correction may be on the cards this week.
The four-hour 50 EMA seems as though it will cross the 200 EMA to the downside within the next five days unless Bitcoin can trade back above the $9,350 region.
If Bitcoin fails to establish a level of support above $9,000 it remains likely that it will retest the monthly low of $8,100, although some analysts are suggesting it could drop to as low as $7,100 as this was the price on the yearly open.
From a higher time frame perspective Bitcoin remains in a more bullish pattern as it trades above key moving averages on the daily chart, with the relative strength index also on the brink of a bounce.
However, from a fundamental standpoint transaction fees are soaring while hash rate continues to decline, which paints a negative picture moving into Q3.
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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:
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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.