Bitcoin (BTC) has been reinvigorated this weekend, rising by 5% to $9,750 following last Wednesday’s gruelling drop from $10,300 to $9,300.
However, BTC still faces the daunting possibility of falling below $9,000, with the daily 200 EMA at $8,400 being a likely target for a bounce.
In order to truly be back in a bullish position, Bitcoin needs to break above $10,000 and preferably above $11,000 to avoid a fifth lower high.
From a short-term perspective, the one-hour 200 EMA is currently becoming a level of resistance at $9,800, meaning that a break above this level could well signal an upcoming move back above $10,000.
The monthly candle ended up closing at $9,600, marking a second consecutive month in the red. And while there has been some relief over the weekend, the long-term outlook remains bearish following a failure to breach the yearly high of $14,000.
Current live Bitcoin 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
About Bitcoin
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 3rd January 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
More Bitcoin news and information
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. We do not give advice on financial products.