Bitcoin is setting its sights on a weekend breakout above $11,000 following a positive week that has seen it springboard from just beneath $10,000.
Closing a daily or weekly candle above $11,000 would trigger a period of continuation to the recent high of $12,500, which remains a bitter point of resistance.
The recent rise from $10,000 coincides with record-levels of investment from the likes of MicroStrategy, who revealed a $235 million purchase of Bitcoin earlier this week.
This level of institutional investment has the potential to lift Bitcoin into a new paradigm, with the current market cap of $200 billion considered to be relatively small if Bitcoin truly becomes a store of value and a hedge to the traditional financial system.
From a technical perspective, as long as Bitcoin closes Friday’s daily candle above $11,000 it will confirm that short-term momentum is favouring the upside, which would pave the way towards an initial move to $11,350.
If, however, Bitcoin fails to close above $11,000 it faces a nervous wait this weekend to see if the weekly candle can make any progress when it closes on Sunday evening.
A break down in price from here considering the bullish news over the past week would be a woeful turn of events for investors, as it would indicate a level of exhaustion among buyers which would see the market enter another period of consolidation.
Key levels of support to the downside remain at both $10,650 and $9,880, although there is also a potential CME gap-fill scenario in the lower $9,000’s.
For more news, guides and cryptocurrency analysis, click here.
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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.