Bitcoin (BTC) is currently trading at around $9,300 following a 3% drop since Sunday’s weekly candle close.
It remains in bullish standing as the daily 50 exponential moving average crossed the 200 EMA to the upside, resulting in a long-awaited golden cross.
The last golden cross happened in April 2019, with BTC going on to rally by 193% in the following six weeks.
This, coupled with Bitcoin’s halving event in May, has the potential to prompt a staggering rally to the upside, with price targets emerging at $10,300 and $10,900.
However, the world’s leading cryptocurrency needs to break above the crucial $9,500 level of resistance before testing the psychological level of $10,000.
A rejection from $9,300 could invalidate the death cross and cause a reversal towards a bearish phase in the market.
All eyes on the halving
The Bitcoin halving event has traders torn over which direction it will go this summer. The halving will see block rewards for miners slashed from 12.5 BTC per block to 6.25 BTC per block. Historically, this has caused the price of Bitcoin to surge dramatically.
The previous two halvings – in 2012 and 2016 – both preceded a new all-time high within the space of a year, with the latest coming in 2017 as BTC eclipsed $20,000.
The theory is that, as rewards for miners are slashed, the mining industry is incentivised to drive the cryptocurrency’s price to the upside so that the overheads are met and the industry remains profitable.
Even so, traders will look to price the halving in before it comes into fruition, which means a rally towards last year’s high of $14,000 may not be off the cards.
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
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 Bitcoin news and information
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.