Bitcoin is currently regaining a neutral posture following a bounce from the $31,500 level of support on new that El Salvador has passed a bill that considers Bitcoin as legal tender.
The world’s largest cryptocurrency is currently trading at around $35,000 having suffered a devestating 50% correction from its all-time high of $65,000 earlier this year.
Whilst the increase in price from $31,500 to $35,000 has been a short-term sign of strength, Bitcoin remains below all key moving averages on the daily chart as a death cross approaches.
A death cross is where the 50 EMA crosses the 200 EMA to the downside, which previously happened in March 2020 during the market-wide sell-off on coronavirus fears.
At it’s current level, the death cross will occur over the weekend or early next week in what many would describe as confirmation that Bitcoin is now delicately poised in a bear market.
Key levels of resistance to the upside remain at $36,250, $37,400 and $40,400, while key levels of support to the downside are at $31,500 and $30,400.
Eventual price targets for Bitcoin as the cycle progresses are at $24,000 and $16,000, although it’s worth noting that these moves typically take months, if not year, to play out as hype around cryptocurrencies begin to subside.
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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.
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
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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