Bitcoin has endured another turbulent weekend of price action, fluctuating wildly between $6,800 and $5,700 as it anticipates a nervous week in global stock markets.
The world’s largest cryptocurrency rallied significantly from its lows on Friday as coronavirus fears began to subside, although mounting pressure on European governments over the weekend is expected to accelerate concern this week.
Crucially, Bitcoin needs to continue closing daily candles above the $5,800 level of support, which incidentally was a key level during the bear market in 2018.
Establishing $5,800 as a platform may well provide Bitcoin with a bounce opportunity in the coming weeks, especially in light of May’s halving event that will see block rewards for miners slashed from 12.5BTC per block to 6.25BTC per block.
The block reward halving has historically been a bullish event for Bitcoin as supply from miners dry up. This, coupled with mounting demand from the coronavirus crisis, could well be the perfect cocktail for a substantial move to the upside in terms of price.
However, Bitcoin needs to learn how to walk before it can run and in this scenario it needs to begin trading above the daily 200 EMA, which was recently crossed by the 50 EMA to signal a death cross.
Any kind of rejection or plunge below the $5,800 this week could indicate a prolonged period of downside price action, with targets emerging at $3,600 and $3,150.
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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.
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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.
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