Bitcoin has suffered a slight pullback following a quite remarkable rally over the past four days.
The world’s largest cryptocurrency is currently trading at $43,400 after spiking all the way to $45,500 overnight.
It now needs to ensure that the $42,500 to $43,000 region becomes an area of support, which will subsequently act as a base for continuation to the upside this month.
Although there has been no major catalyst to spark the recent rally, the volume and velocity of the move has been convincing.
This puts Bitcoin in a particularly uncertain position, it remains in a downtrend on higher time frames but the lower time frames want to push higher.
This pullback can be considered bullish in many respects as it gives an opportunity for the market to cool off before heading higher.
It is also possible that this recent move is a conniving bull trap that will lull traders into a false sense of security before resuming the sell-off below $40,000.
A break of $40,000 over the coming days would be extremely bearish and it would bring price targets of $30,000 back on the table.
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.