Bitcoin is currently trading at $57,641 after falling by 3.63% from Wednesday’s high of $59,350 which came on the back of the Federal Reserve press conference.
Fears about the bond yield curve coupled with inflation estimates saw the US Dollar tumble significantly yesterday, resulting in every asset that traded against it to surge.
Bitcoin is now at a crucial stage in its bull market cycle, with several analysts predicting a new all-time high above $62,000 while others suggest the top may be in following more than one year of consistent upside price action.
It is currently in danger of falling back into a trading range between $53,000 and $57,000 that has been established since since March 9, although it’s worth noting that if the US stock market continues to make record highs, Bitcoin will likely follow in its footsteps.
From a macro perspective, the relative strength index has printed three drives of bearish divergence, with three lower highs against three higher highs of $41,000, $58,500 and $62,00 in terms of price action.
However, both the weekly and monthly scale remain bullish, with more institutional adoption and investment expected throughout the remainder of 2021.
For more news, guides and cryptocurrency analysis, click here.
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 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.
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.
George Town, Grand Cayman, 22nd November 2024, Chainwire
Las Vegas, US, 1st November 2024, Chainwire
From digital art to real-estate assets, NFTs have become a significant attraction for investors who…
Singapore, Singapore, 21st October 2024, Chainwire
HO CHI MINH, Vietnam, 17th October 2024, Chainwire
London, UK, 16th October 2024, Chainwire