Bitcoin remains in a tight trading range between $56,400 and $59,700 as it begins to knock on the door of the major $60,000 level of resistance.
The world’s largest cryptocurrency continues to trade much lower than April’s high of $65,000, which came in anticipation of Coinbase’s direct listing on Nasdaq.
While Bitcoin has remained relitavely stable, the altcoin market has flourished with the likes of Ethereum more than doubling in 16 days.
Typically, when Bitcoin trades in a sideways range while altcoins surge, profits will eventually be rotated back into Bitcoin causing pressure to the upside.
At the time of writing it is trading at $57,200, 4.81% down from its overnight high of $59,700 following a flurry of leveraged short orders near $60,000 on derivatives exchanges.
If the $56,400 level of support breaks in the coming days we could well see downside price targets begin to emerge at $55,800 and $53,800, although it’s worth noting that the bullish structure of altcoins will definitely play in Bitcoin’s favour when it dips.
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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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.