Bulls confident as Bitcoin trades above major moving average

Bitcoin has re-established a bullish posture after closing yesterday’s daily candle above the daily 200 moving average at $8,723.

It is now trading above the $8,830 level of resistance-turned-support which could signal an upcoming move towards the $9,200 level.

The move to the upside was reflected across all global markets as the Dow Jones enjoyed its largest one-day gain since 2009 with a 5.5% hike.

If Bitcoin breaks back below the $8,830 level in the coming days it will demonstrate bullish exhaustion which in turn will cause continuation to the downside.

Much of the upcoming price action will depend on the extent of the coronavirus outbreak. Shockwaves have been sent across the globe with cases rapidly increasing in mainland Europe.

The impact on supply chains will undoubtedly affect global markets while Bitcoin’s mining infrastructure will also face disruption as much of it is based in China.

Despite Bitcoin mining being automated, it requires ongoing electricity and maintenance, both of which could be become compromised if major services in China begin to be switched off.

Bitcoin and gold are often considered to be hedges to the traditional financial system. In that sense the value could in fact rise if global markets continue to slide as investors seek a ‘safe haven’ asset.

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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 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.