Following months of monotonous sideways price action, Bitcoin has finally woken up with an impressive yet modest 5% move to the upside.
While the world’s largest cryptocurrency was arguably overshadowed by Ethereum, which rallied by more than 12%, it is an encouraging sign that it has seemingly broken loose of its low volatility.
Bitcoin suffered a sell-off at $9,691 before sliding back down to around $9,550. The point of rejection is the same stopping point as on June 22 when it subsequently slumped back to test $8,830.
That is why although optimism is creeping back into the market, it’s best to exercise caution when trading Bitcoin until it breaks out above the macro range at $10,500.
Breaking above $10,500 for the first time in more than 12 months would be undeniably bullish for Bitcoin, especially in light of the ongoing bull market in precious metals.
Gold and silver have both enjoyed fruitful years in light of a turbulent geopolitical landscape. Bitcoin is often labelled as a form of ‘digital gold’ due to its perceived ability to become a hedge against the traditional financial system.
If Bitcoin can begin to break above key levels of resistance in the short term, gold buyers may switch their attention to the 11-year-old cryptocurrency as it may be on the brink of an impressive final quarter.
However, it’s worth considering that a potential break down in price below the $8,830 level of support could bring around a new bearish phase in the market, with downside targets emerging as low as $7,000.
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.