Latest Bitcoin price and analysis (BTC to USD)
Bitcoin is slowly but surely edging its way towards a major move in terms of price action as it continues to consolidate in a bullish manner beneath $10,000.
It has now been consolidating within this level since the beginning of May as hype surrounding the recent Bitcoin halving continues to subside.
Breaking out above $10,450 remains the key target to the upside as it has been a point of rejection on three occasions dating back to October.
As previously stated in Coin Rivet’s daily analysis, breaking above the $10,450 level of resistance would indicate a change in behaviour that would be suggestive of a bull market reversal.
If Bitcoin can lift itself into a bull market from here, coupled with the halving narrative and institutional investment, it could well find itself forming a new all-time high before the year is over.
However, a break down in price from here would demonstrate how the asset class simply isn’t ready the topple the magnificent feat in 2017 when it defied critics by surging to $20,000.
Levels of support remain at $8,830 and $7,800, although some analysts are predicting a correction to as low as $7,100 as this was the yearly open.
Much of it also depends on the upcoming path of the US stock market, which has bounced back from coronavirus-induced lows to form a new all-time high.
As Bitcoin is known as a hedge to the traditional financial system and fiat currencies, a period of economic downturn may be required for Bitcoin to truly come into its own.
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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 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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
