Bitcoin is in the midst of a major correction move to the downside following a shocking weekend that saw it dip to as low as $32,800.
The decline in price has coincided with a faltering stock market, with the S&P500 losing 10.5% of its value since January 4.
But that has been a drop in the water compared to Bitcoin and the wider cryptocurrency market as investors opt to stay safe in cash or gold.
The entire cryptocurrency market cap has fallen from $2.956 trillion to $1.543 trillion since early November with it appearing that the asset class has entered a gruelling bear market.
Short-term levels for Bitcoin remain at $32,800, $34,800 and $36,400, it is expected to consolidate in this region for the coming week unless the stock market heads lower, in which case Bitcoin may experience a sweep of the lows beneath $30,000.
Ultimate downside targets will be grim reading to Bitcoin bulls. It is not impossible to suggest that Bitcoin may even slump below its 2017 high of $20,000, with $16,000 to $24,000 becoming a key level to look forwards to over the coming months.
However, Bitcoin has a habit of turning the tide when odds are stacked against it. If it can begin to close daily candles back above $43,000, it could well trigger a short-term reversal back towards the psychological level of $50,000 before another key pivot point.
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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:
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 BTC. 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 BTC 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. We do not give advice on financial products.