Bitcoin is currently trading at a three-month high of $47,000 following an impressive breakout on Sunday evening.
The world’s largest cryptocurrency now needs to begin closing consecutive daily candles above $46,400 to ensure it continues the recent uptrend.
It has now, crucially, broken the cycle of lower highs from $45,800 and $45,300 as it gears up for a move towards the $50,000 level of resistance.
With $50,000 firmly in its sights, a swift move to the $53,000 may be on the cards if the asset can sustain trade volume this week.
The recent move has coincided with a 10% rally in the S&P500 as global markets begin to recover from the early-March lows caused by Russia’s conflict in Ukraine.
Whilst there are still numerous warning signs from a macro standpoint, Bitcoin and the entire crypto market seems poised for continuation to the upside, although it’s worth noting that a corrective move to around $45,000 may come into fruition at some point this week.
A break back below $45,000 would indicate a fakeout – this would have devestating consequences as a huge amount of leverage and open interested has been added on the long side during this rally.
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
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.
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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.