Bitcoin has begun to stutter over the past 24-hours as it slumped to a five percent move to the downside, with it currently trading at $9,470.
The world’s largest cryptocurrency has enjoyed a period of relative calm recently as it established a level of support above $9,000.
It has, however, failed to break out above $10,500 on multiple occasions which demonstrates a lack of momentum on the buyside.
The plunge in price was also reflected in US stock markets with the S&P500 falling by 6.77% before finding support around the daily 200 moving average.
In Bitcoin’s perspective it will be hoping that it can surge back to around $9,800 before Sunday evening and the crucial weekly candle close.
Having opened the week at $9,776 if it closes 3.5% lower it would indicate the beginning of a bearish reversal, with downside targets remaining at both $8,830 and $7,800.
With the hype from the recent halving event slowly subsiding it’s now time for Bitcoin to find its true value, whether that be into five digits as analysts predicted or back lower as the global economy continues to suffer.
Breaking above $10,500 with conviction would be a good start as this particular level, as detailed in the chart above, has been confronted with three swift rejections within the past eight months.
A breakout would open the metaphorical floodgates for a move back to the $10,900 and $12,300 regions, which would almost certainly cause a wave of retail interest as global currencies weaken.
For more news, guides and cryptocurrency analysis, click 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 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.
More BTC 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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.