At the time of writing, Bitcoin is trading above $4,950.
BTC is trading above its 200 day EMA after continuing its pump from yesterday. As eToro’s Senior Analyst Mati Greenspan points out in his daily newsletter from yesterday:
“The move happened during the Asian session when the United States was fast asleep and Europe was just waking up. So based on the timing we can say that it was probably driven by China, Japan, and/or South Korea.”
We now know it was short sellers getting destroyed (liquidated) on BitMEX after Bitcoin rose 15% in a single move upwards.
Let’s take a look at what is going on with Bitcoin.
Bitcoin/USD
Looking at the above chart, you can see that Bitcoin is now trading above its 200 day EMA (the blue line) after finding support above its 50 day EMA (the green line).
At its peak, price touched close to $5,200 before hitting a sell wall shortly after. Volume-wise, I couldn’t be happier. Volume has gone way above its average (the yellow line) implying a quite healthy Bitcoin market. Plus, it also means buyers are holding the fort!
As long as price continues to move above the 200 day EMA, something I expect should happen, we can be confident the bulls are back and buyers are in charge. If I’m wrong, then two things can happen: either Bitcoin follows the path of Litecoin and other altcoins and starts to consolidate above the 200 day EMA (a really bullish scenario) or it drops below the 200 day EMA, which is something I do not expect to happen as volume shows buyers are in control.
Independently, today is a good day for Bitcoin.
Current live Bitcoin 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 3rd January 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
More Bitcoin 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. We do not give advice on financial products.