Bitcoin is experiencing a momentary pullback following a sensational move to the upside that saw it kiss $52,999 before losing momentum.
The world’s largest cryptocurrency remains steeped in a barnstorming uptrend, demonstrated by a series of higher highs and higher lows.
While sceptiscm continues to play a part in this rally due to significantly less volume than February’s move above $50,000, it’s worth noting that far fewer levels of supply are appearing on exchanges.
On the short-term time frames, Bitcoin is testing the $50,500 level as it attempts to secure it as a line of support rather than the point of resistance it was last week.
If price drops below $50,500 Bitcoin could begin to enter its first downtrend since late July, although it would likely need a sustained slump with daily candles closing below $46,500 to from a lower low.
On a macro scale the recent price action can be analysed as one of two things – a bullish reversal, or a bull trap.
A bull trap caught many off-guard in 2018, Bitcoin plunged from $20,000 to $6,000 before providing traders with a brutal pattern that saw it double to $11,800 and tumbling into a gruelling bear market.
If this is a bullish reversal, as several analysts are suggesting, it would replicate the 2013 bull market that is often dubbed “double bubble”. It would likely mean Bitcoin is going to surpass its $65,000 all-time high over the next six months before putting in a major top before entering a two-year period of consolidation.
Levels of support remain at $50,500, $49,450, 48,360 and $46,500, while points of resistance are at $51,300, $52,200 and $53,000.
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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.
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