Bitcoin is currently trading back above $34,500 for the first time in four days following a 6.72% rally on Monday morning.
The world’s largest cryptocurrency is now setting its sights on the $36,300 level of resistance after it broke down from that point on January 20.
The funding rate across derivatives exchange is also beginning to creep up with OKEX at 0.09% and FTX at 0.08%.
This demonstrates how traders have opted to long the recent drop with margin, which could provide the fuel for a breakout above $36,300.
However, it’s worth noting that Bitcoin has now formed both lower lows and lower highs on the daily chart, which indicates a short-term downtrend following the remarkable rally to $41,000 at the turn of the year.
Upside targets in this scenario would be at the all-time high of $41,000 extending up to as high as $49,000.
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.
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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.