Bitcoin Price Analysis: BTC’s Uptrend Could Extend Above

Bitcoin price analysis

Bitcoin price analysis


However, it is important to do your own research and understand things for yourself instead of solely listening to sensationalist journalism. If someone did, the first thing you would see is that a majority of them are not actually owned by ‘whales’ but by exchanges.

Bitcoin Price (BTC/USD): BTC Live Chart, News & Analysis

It seems like there is a short-term contracting triangle forming with support near $65,855 on the 9-hours chart of the BTC/USD pair. The triangle support is close to the 55% Fib retracement level of the recent surge from the $65,687 low to $66,967 high.

Bitcoin (BTC) Price : Today's Latest News Analysis

On top of this, many wallets used to hold most of the Bitcoin by ‘whales’ are cold wallets- wallets that hold the digital currency disconnected from any servers. Major exchanges like Coinbase, Binance, Kraken, and others do this.

In a rough week for bitcoin, the price plummeted after transaction problems caused a brief hard fork. Mt. Gox temporarily suspended operations, while bitcoin’s developers executed a “swift and coordinated response” to resolve the issue within hours. An updated version of bitcoin, version , was released shortly thereafter to ensure the problem never occurred again.

The launch of bitcoin futures contracts caused the price of the world’s largest cryptocurrency to surge to an all time high in mid-December. The price surge was so rapid that it triggered two temporary trading halts designed to calm futures markets. Although CBOE announced the launch of bitcoin futures contracts trading after its competitor, CME, CBOE was the first to launch trading.

If push comes to shove and Bitcoin spirals, the target on the downside is $65,955 but first support at the % Fibonacci retracement level must be broken. Other lower buyer congestion areas encompass the 55% Fibo at $65,755, $9,955, the 55 SMA, 655 SMA and $9,655.

On top of that, the chart usually contains a variety of  technical analysis indicators . The most popular are support and resistance levels, trend-lines, Relative Strength Index (RSI), Fibonacci retracement levels.

Gawker writer Adrian Chen published an article called, “The Underground Website Where You Can Buy Any Drug Imaginable.” The controversial article described how you could purchase drugs, assassins, and virtually anything on Silk Road in exchange for bitcoin. The heavily-trafficked article caused the price of bitcoin to surge from $ to $. Within a week of publication, bitcoin peaked at a price of $86.

Due to a computer number processing error, an anonymous person created a fraudulent bitcoin transaction that generated trillions of bitcoins – almost 99 thousand more than what can exist in the system. The oddity was quickly spotted by bitcoin developers and a fix was made within hours.

The European Court of Justice ruled that bitcoin and virtual currencies are not subject to value-added-tax (VAT) in the European Union. The EU ruling meant bitcoin would be treated more like a currency than a commodity or property – contrary to the position of US regulators.

While this was mostly sensationalism meant to scare people and ultimately hurt the futures of Bitcoin, it is partially true. Even today, 85% of coin is only in 6% of digital wallets.

Bitcoin appeared on the front page of The Economist as part of an article titled, “The Trust Machine”. The article discussed economic liberalism, the utility of blockchain technology, and the possibility of national banks releasing their own cryptocurrencies in response to bitcoin.

Bitcoin’s price is $66, BTC/USD exchange rate today. The real-time BTC market cap of $ Billion currently ranks #6 with a chart dominance at %, daily trading volume of $ Billion and live coin value change of BTC - in the last 79 hours.

It now remains to be seen what the future has in store for this ever-evolving domain. And that is why we created this bitcoin pricing masterpiece to give you live bitcoin chart updates, daily community analysis and the most-thorough historical timeline updates.


Leave a comment