Bitcoin on the brink of major breakout above $6,800

Bitcoin is approaching the critical $6,800 level of resistance after surging by more than 15% in the past 24 hours.

The tremendous move to the upside will come as a surprise to the majority of Bitcoin traders, many of whom have been suggesting that a continued correction to the $3,000 region was on the cards.

Bitcoin isn’t out of the woods just yet, it needs to demonstrate strength by closing this evening’s daily candle above $6,800, which became a point of rejection on Friday.

After failing to achieve a new high on Friday, Bitcoin proceeded to plunge by around 20% to the $5,700 before enjoying a period of consolidation.

It’s worth noting that the daily MACD indicator has printed a bullish cross for the first time since it crossed to the downside on 15th February, which marked the local top at $10,500.

A clear breakout above $6,800 would bring price targets of $7,400 and $7,880 into the picture, although Bitcoin will also likely test the daily 200MA which is at $8,330.

Another rejection from this point would be a miserable turn of events for Bitcoin bulls as it indicates that an extension of this short-term bear market is certainly on the cards.

Bearish momentum in light of a rejection from resistance could well result in an initial move to the $5,700 region before it tests this month’s lows of $3,600 and $4,000.

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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.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.