Bitcoin goes into the typically low volume weekend with a sense of relief after it finally managed to climb above the $33,000 level of resistance on Friday.
The apparent breakout follows a frustrating 24-hours in which the world’s largest cryptocurrency failed to conquer $33,000 despite five meaningful attempts.
Attention will now turn to where Bitcoin futures will close on CME at 11pm UTC this evening. A close above $33,400 should signal that the cryptocurrency market will be relatively safe from downside price action over the weekend.
It’s worth noting that all higher time frames remain in a bearish posture, with the recent daily death cross adding to the downward pressure.
The daily 50 exponential moving average has now ticked down all the way to $37,300 having been above $43,000 just a fortnight ago. Testing this moving average before the next major move seems most likely, as a break above would indicate a shift in short term momentum.
One factor that’s certain to be a key to Bitcoin’s trajectory over the coming weeks will be whether it sees a significant increase in trade volume. Currently, 24-hour volume is regularly below the $30 billion threshold, which is 50% lower than two months ago when it often topped $60 billion.
If volume continues to subside, it paints a miserable picture for Bitcoin bulls who may believe that cryptocurrencies are destined for more upside over the course of 2021.
However, Bitcoin has a habit of going against the grain and causing a surprise when all odds are against it. If it can take out the well-fortified level of resistance at $42,000, it would demonstrate a clear change in behaviour that would replicate the ‘double bubble’ market of 2013.
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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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