Bitcoin is in the midst of a major correction from it’s all-time high of $58,500 following a failure to breach the psychological level of resistance at $60,000.
The world’s largest cryptocurrency is currently trading at $53,550 after temporarily taking out the $50,000 level of support.
The dramatic move to the downside coincided with a wider cryptocurrency market correction that led to a number of top exchanges like Binance suffering downtime.
Despite showing quite clear vulnerabilities in the short term, Bitcoin remains in a bullish posture on the weekly and monthly chart, that is until it begins closing daily candles beneath the $50,000 level.
Warning signs, however, are still there for Bitcoin. The 12-hour MACD has now suffered a bearish cross that resembles the cross in early January, while the sheer volume on this correction indicates a shift in the previously bullish sentiment.
If Bitcoin can continue its bounce and close Monday’s daily candle back above $55,400, it will likely go back to test its all-time high before the end of the week.
Much of it also depends on the economic situation around the world as lockdowns begin to ease coupled with the potential of increased interest rates in the United States.
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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:
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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.