Bitcoin traded within a tight 1.47% range over the weekend as volatility and trade volume continues to grind to a staggering halt.
The lack of meaningful price action follows a period of intense volatility that saw Bitcoin plunge from $10,500 to $4,000 in a matter of weeks before bouncing back to $9,000 in April.
The current structure is eerily reminiscent to that in late 2018, when Bitcoin tumbled below the $6,650 level of support following months of sideways consolidation.
A break down in price from Bitcoin’s current price point, which is at $9,160, would be triggered if it closes a 12-hour or daily candle below the $8,830 level of support.
The $8,830 level is also just above the daily 200 moving average that has tormented a number of altcoins over the previous couple of months.
If Bitcoin can continue to consolidate above the 200MA over the coming weeks it may set itself up for a rally back to the $10,500 level of resistance.
However, it’s worth noting that $10,500 has been a point of rejection on three occasions since October, with Bitcoin suffering consecutive sell-offs of 36%, 56.86% and 14.43%.
Breaking above this level would indicate a change in behaviour among investors and traders, which could well lead to another bull market that was predicted earlier this year in the lead up to May’s halving event.
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Bitcoin pricing
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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 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.
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.
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