Bitcoin has endured a 4% slump to the downside after suffering a gruelling rejection from the $10,500 level of resistance.
As previously suggested in Coin Rivet’s analysis, Bitcoin dropped back below $10,000 on Monday before driving towards the critical $10,500 level.
If it can maintain a level of support above $10,000 it would be left in a bullish posture over the remainder of the week.
With Bitcoin trading above all major moving averages, coupled with the recent golden cross, it seems like it may continue its trend to the upside over the coming months leading up to May’s halving.
The Bitcoin halving will see block rewards for miners slashed from 12.5BTC to 6.25BTC per block, which has historically caused Bitcoin’s price to rise as supply dries up amid mounting demand.
The next key areas for Bitcoin – aside from the $10,000 level of support – are the $9,650 level of resistance as well as $10,650 if a breakout above $10,500 comes into fruition.
The past month’s rally has caused a tremendous shift in sentiment surrounding cryptocurrencies, with analysts beginning to make bold predictions of more than $100,000 per Bitcoin.
It’s worth noting that a substantial shift in sentiment towards a euphoric zone is often a sell signal, although it remains to be seen as technical indicators seem to all be turning bullish.
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 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.