Bitcoin is currently trading in a tight range between $37,700 and $39,500 with a significant lack of volatility.
The world’s largest cryptocurrency remains in a downtrend on all higher time frames, although it’s worth noting that sellers are appearing to show signs of exhaustion below the $40,000 level.
Given the relatively high open interest, it won’t take a lot for Bitcoin bulls to push price to the upside to cause a flurry of short position liquidations.
The market is delicately poised, a daily close below $36,500 would signal a violent move to the downside, with tagets emerging at $33,500 and $28,000.
However, if Bitcoin can begin to rally up above the $42,500 again, it should have the required momentum to take out $45,000 before triggering a bullish reversal.
Much of it will also depend on the macro economic factors that are impacting all global markets, notably the conflict in Ukraine and the potential decision from the Federal Reserve to raise interest rates.
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Bitcoin pricing
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
About Bitcoin
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.