Bitcoin is currently trading at $47,350 following a significant correction on Thursday that saw it slump from $52,000 to as low as $46,300.
The world’s largest cryptocurrency closely mimicked the price moves of the US stock market, which was rocked by comments from Federal Reserve Chair Jerome Powell.
Powell vowed to keep monetary policy steady, even as the economy improves this year and inflation begins to rise.
The US Dollar subsequently rallied, leaving the S&P500 and Bitcoin to make a correlated move to the downside.
Since then, Bitcoin has bounced off the $46,300 level of support while waiting for the US market to open at 9:30 EST.
The $47,500 level remains a key point of resistance in the short-term, as this provided a point of rejection early this morning.
However, if Bitcoin can manage to climb above $47,500, it could well re-test the broken support at $48,500 following a failed attempt at a breakout last night.
A rejection from either of these levels will likely trigger a period of continuation to the downside, as the $45,500 level of support begins to beckon.
It’s worth noting that a test of the monthly bollinger band at $40,000 may also come into play, as every monthly close above it in Bitcoin’s 11 year history has resulted in a test.
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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.