Bitcoin continued to trade within a tight range over the weekend, hitting a high of $42,500 while swooping to a low of $40,600 on Sunday evening.
The world’s largest cryptocurrency is in a period of major indecision, high time frames indicate that it remains in a gruelling downtrend, whilst in the short-term it appears to be showing signs of strength
At the time of writing it is trading at $41,300, a clear break above $43,000 over the coming days would indicate a potential bullish reversal, although it’s worth noting that $45,000 is the key level of resistance to hurdle over.
If, however, Bitcoin faces a bitter rejection in its current region, price is expected to slump back down to around $38,500 before either confirming a break to the downside below $37,000 or putting in a momentary bounce.
The direction of Bitcoin will undoubtedly depend on the direction of equities this week. If the S&P500 or Nasdaq begin to falter in light of the situation in Ukraine and mounting inflation, Bitcoin could well take a tumble due to clear correlation with stock indicies this year.
If peace talks in Ukraine progress, the market is expected to generate an uptick, which would coincide in continuation in the price of Bitcoin.
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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
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 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.