Bitcoin is currently lining up a move back to the $34,800 level of resistance after bouncing significantly from its Monday lows of $28,900.
The world’s largest cryptocurrency remains in a bearish posture on all higher time frames following a series of lower highs and lows lows.
The 50 exponential moving average also crossed the 200 exponential moving average for the first time since it crossed to the upside after the slump to $3,850 in 2020.
This cross, commonly known as a death cross, typically suggests that the market will enter a prolonged period of downside price action, which could well cause Bitcoin to grind back down to its previous all-time high of $20,000 over the coming months.
BTCUSD chart by TradingView
From a short term perspective, levels of resistance remain at $34,800 and $36,300, although it’s worth noting that another rejection from $34,800 will confirm a lower high and lead towards another move to the downside.
Levels of support for Bitcoin are at $33,400, $32,200 and $31,000, however much of its direction will depend on the strength of the US Dollar, which was given a boost last week by the Fed’s discussion around interest rates.
Stock market indicies in the United States soared to record highs today, prompting a cautious feeling of optimism around all capital markets in spite of the Dollar’s perceived strength.
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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.
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