Bitcoin is in the midst of a major market downturn amid fears of a new Covid-19 variant originating in South Africa.
All global stock indices have been struck by fear this morning, with futures for the S&P500 and Dow Jones trading 1.66% and 0.89% lower.
More than $250 million has been wiped off the cryptocurrency market following a cocktail of over-leveraged long positions and negative news.
At the time of writing, Bitcoin was trading at $54,000 – 7.85% lower than 24-hours ago when it began to make a move towards $60,000.
From a technical perspective, the $52,800 to $53,500 region does provide a solid level of support dating back to the start of the year. However, it’s worth noting that open interest remains at $18 billion – indicating that further liquidations could be in store.
Bitcoin is expected to bounce from around $53,000 with levels of resistance back up at $56,400. A rejection from $56,400 would form another gruelling lower high, which would act as confirmation of a downtrend and macro reversal.
In order for Bitcoin to prevent a dreary end to the year it needs to start closing daily candles back above the $60,000 level on significant volume. Failure to do so will likely result in a continued plight down into the $40,000 and potentially even $30,000 region.
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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.
More BTC news and information
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