Bitcoin endured its worst daily candle since September with a dramatic $1,000 sell-off within the space of 24-hours.
It is now trading below the $9,600 level of support-turned-resistance after dwindling all the way down to $9,350.
A breakdown in price from $9,350 will see a re-test of the 200 daily moving average, which is currently in confluence with the $8,830 level of support.
Bitcoin is now trading 9% lower than it was this time last week when it tested the $10,500 level as anticipation began to build around May’s halving event.
In May Bitcoin will undergo its third block reward halving in its history. This has historically caused a significant rally in the price of cryptocurrencies as supply dries up and demand steadily rises.
This is why the recent sell-off shouldn’t be a major cause for concern for traders and investors as, from a macro perspective, Bitcoin remains in a bullish posture both technically and fundamentally.
If Bitcoin can manage to close tonight’s daily candle back above $9,600 it would demonstrate a clear indication of strength that will most likely see it test the psychological $10,000 level over the weekend.
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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.