Bitcoin’s recent relief rally is currently being halted by the four-hour 200 moving average, with price sliding by 1.57% since yesterday’s daily candle close.
At the time of writing Bitcoin is trading at $9,244, which is 3.87% higher than July 5’s low of $8,906.
It has now endured its least volatile period since September 2018, with price being confined to a $1,200 range since the end of April.
What followed the sideways period in late 2018 was a gruelling 50% correction that plunged Bitcoin to a dramatic low of $3,150, which prompted several traders to exit the markets out of fear the world’s largest cryptocurrency was going to zero.
It did, however, eventually bounce back with a vengeance, as six months later Bitcoin rose to an 18-month high of $14,000.
This is why on both lower and higher time frames Bitcoin may well be setting itself up for one final correction to as low as $5,500 before it can establish a platform for the next bull market, which would tie into the stock-to-flow model relating to the recent Bitcoin halving.
In the short term levels of support remain at both $8,830 and $8,415, which is in confluence with the daily 200MA, while to the upside key points of resistance to break are at $10,000 and $10,500.
Being able to break $10,500 following such a lack of volatility could well create a narrative around a potential new Bitcoin all-time high in Q4 of this year, three years after it topped out at $20,000.
For more news, guides and cryptocurrency analysis, click here.
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
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.
Las Vegas, US, 1st November 2024, Chainwire
From digital art to real-estate assets, NFTs have become a significant attraction for investors who…
Singapore, Singapore, 21st October 2024, Chainwire
HO CHI MINH, Vietnam, 17th October 2024, Chainwire
London, UK, 16th October 2024, Chainwire
Sinagpore, Singapore, 16th October 2024, Chainwire