Bitcoin is stubbornly trading in the same range it has been trapped in since early December as trade volumes continue to subside.
Many believe the trend will either experience continuation to the downside or a bullish reversal before the end of the week following a month of consolidation.
A reversal would be confirmed with a daily close back above $51,000, which is currently a 10% move from Bitcoin’s current price of $46,250.
However, with open interest remaining dangerously high as Bitcoin grinds up against a key level of support, downside price action seems more likely over the coming days and weeks with general interest in cryptocurrency having subsided since the recent crash from $69,000.
Price targets to the downside remain at $42,000, $38,500 and $36,400, although it’s worth noting that a move into that region will likely be the beginning of a longer, drawn out bear market.
The difference between an almost certain bear market in 2022 compared with 2018 is that there is far more institutional interest in the asset class.
MicroStrategy CEO Michael Saylor is effectively all-in on his Bitcoin stance, holding more than 122,000 coins valued at $5.6 million.
Continued buying from institutional investors could well accelerate the duration of a potential bear market, with the next cycle predicted to break the psychological barrier of $100,000.
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.
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
Sinagpore, Singapore, 16th October 2024, Chainwire