Bitcoin pair
Bitcoin is currently trading back below $35,000 following a five percent sell-off from the $36,550 level of resistance overnight.
The world’s largest cryptocurrency remains in a short to medium term up-trend from $30,000 having formed consecutive higher highs and lower highs.
However, if Bitcoin begins to close four-hour candles below $33,800, it would take out the previous lower high to thrust itself back into a bearish posture.
It is worth noting that Bitcoin has recently endured a daily death cross, which is where the 50 exponential moving average crosses the 200 EMA to the downside, for the first time since March, 2020.
This is typically a bearish signal on a macro scale, with several analysts now suggesting that Bitcoin is entered a bear market following a bull cycle that saw it eclipse a record high of $65,000 earlier this year.
From a techincal perspective, short-term levels of support remain at $34,250, $33,800 and $33,400, although a break of those levels could well indicate an upcoming move to the bottom side of the range at $30,000.
If Bitcoin can regain the $35,400 level it will likely move back up to test the $36,400 point of resistance, which is where price broke down from on June 19.
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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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