Bitcoin is enduring a troubling period of bearish pressure after re-testing the $11,430 level of support for the second time in three days.
The previous touch of this support prompted a 3.14% bounce to the upside, although failure to achieve a high above $12,000 and even $11,900 demonstrates bullish exhaustion.
If Bitcoin begins to trade beneath this level of support it will likely cause a sharp drop to $11,150, which may be extended depending how many long positions get put into liquidation across derivatives exchanges.
Breaking below this level would also suggest that Bitcoin has undergone a trend reversal, which means the local high of $12,500 will remain untested until a bullish catalyst or news event drives it back to the upside.
Key levels of support to look out for to the downside are at $10,920 and $10,550, although there is a slight possibility that Bitcoin will fill the gap on its CME Futures contract down at $9,400.
However, for the time being Bitcoin continues to trade around the $11,430 level of support, if it can bounce from here back to the $11,900 region it would indicate that buyers are keen on supporting the price, which would pave the way for a longer period of consolidation.
Key triggers to the upside remain at both $12,050 and $12,500, if Bitcoin can break above these with an influx of trade volume it could well be on track to form a new all-time high by the end of the year as it would undoubtedly confirm a cryptocurrency bull market.
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.
