Traders are becoming frustrated at the lack of volatility and subsequent lack of trading setups for Bitcoin this week as it continues to stagnate above the $9,000 level of support.
The world’s largest cryptocurrency has endured one of its most stable periods in more than a year following explosive months of price action in February, March and April.
With the hype now seemingly subsiding from the previously highly-anticipated halving event in May, Bitcoin needs another catalyst before it can make a major move to the upside.
The two key points of resistance to the upside remain at both $10,000 and $10,500, the latter of which has been a point of rejection on three occasions in October, February and May.
With Bitcoin seemingly running out of steam a break down in price seems most likely in the short term, with downside price targets emerging at $8,830, and $7,800, although the daily 200MA will also likely provide a level of support at $8,379.
Trade volume has been in a dramatic down trend since the Bitcoin halving in early May, which demonstrates how interest has waned since the event.
From a bullish perspective the fact that Bitcoin continues to trade above $9,000, which is a historical level of resistance dating back to the 2018 bear market, is a positive as it attempts to establish a base for a rally in the later stages of 2020.
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.