Bitcoin is currently at a crucial point of resistance following an impressive start to the month that saw it surge to the $45,000 level.
The world’s largest cryptocurrency is trading at $43,300, an important level of support in itself.
If it can rally up towards $45,000 before stock markets close on Friday evening, it would pave the way for a breakout and continuation to the upside over the coming weeks.
Eventual targets remain at $53,000 and $56,000 – however Bitcoin would need to avoid placing itself in a bull trap scenario.
If volume, and subsequently price action, begins to subside this month with a slump back below $41,000 – it would signal that this move was a run to liquidate short positions before it heads lower.
On higher time frames Bitcoin remains in a downtrend from $69,000, a swift break of $53,000 is the only thing that would confirm a bullish reversal.
In the short term Bitcoin needs to hold $43,000 and begin to establish a stronger level of support, although it’s worth noting that price action is currently being driven to the crisis in Ukraine and a potential hike of interest rates by the Federal Reserve.
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Bitcoin pricing
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
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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 BTC. 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 BTC 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
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.