Bitcoin is delicately poised at a crucial level ahead of what is expected to be a fascinating week of price action.
The world’s largest cryptocurrency currently trades at $42,500 after failing to break the $46,000 level of resistance last week.
Fears of conflict in Ukraine, coupled with uncertainty around Federal Reserve rate hikes leaves investors in a period of indecision this week across all global markets.
If a rate hike is announced, equities and cryptocurrencies will almost certainly suffer, with Bitcoin needing to hang on to the $41,600 and $40,400 levels of support.
To the upside, meanwhile, Bitcoin is faced by the gruelling prospect of clawing its way back through the deep liquidity zone between $43,000 and $46,000 – a task that will only be achieved if a positive news catalyst comes into fruition.
If Bitcoin can cement some upside momentum, it will be expected to break $46,000 and head back to $50,000 before the end of the month.
However, the macro-economic picture at present is failing to paint a positive scene. What’s more likely is a pivotal lower high in the $44,000 region before it begins to tick lower.
The altcoin market has been decimated over the past week, with several of the top 25 assets being more than 20% down in spite of Bitcoin’s relative resilience.
All eyes will be on the rate hike decision on Monday, a knee-jerk reaction is expected to cause a swift move to the downside.
To purchase Bitcoin, Ethereum, Litecoin or USDC, sign up to Coin Rivet’s cryptocurrency broker here.
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 BTC. 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 BTC 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
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
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. We do not give advice on financial products.