At the time of writing, Bitcoin is trading above $5,100, although volumes have been dropping across all exchanges over the weekend.
BTC is trading above its 200-day EMA after continuing its pump from last week. During the weekend, price has remained quite stable, trading between $5,100 and $5,200.
Let’s take a look at what’s going on with Bitcoin.
At its peak last week, price touched close to $5,600 before hitting a sell wall shortly after. Volume-wise, things are a bit gloomier. As we can see from the volume bars on the left of the graph, Bitcoin’s volume seems to be hinting that people are still betting on a lower price for Bitcoin. Although most analysts consider the BTC bull market to have started already, I for one think we’re still going to retest the $3,800 levels before kicking off the official Bitcoin 2020 and 2021 bull run.
Last week, I mentioned as long as the price continues to move above the 200-day EMA we can be confident the bulls are back and buyers are in charge. I also mentioned in case I was wrong, then two things could happen: either Bitcoin follows the path of Litecoin and other altcoins and starts to consolidate above the 200-day EMA (a really bullish scenario) or it drops below the 200-day EMA. In the latter scenario, I argue Bitcoin would first dance around $4,700 for a few days before dropping into the $4,200-$4,400 levels.
Despite that and, because the 50-day EMA crossed the 200-day EMA last week, we might see BTC making new highs. That usually means buyers want to take back control. Nevertheless, my medium-term bet is that Bitcoin will slowly drop closer to its $4,000 support level.
I consider Bitcoin to be in a bull run when the 20-day EMA is above the 50-day EMA and the latter is above the 200-day EMA. Only then will I truly believe buyers are totally in control and enough new cash has definitely poured into the market.
Current live Bitcoin 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 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 3rd January 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
More Bitcoin news and information
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.
*The views and opinions expressed by the author should not be considered financial advisement. The author is not a professional trader, nor investor.