Bitcoin Falls Below Hourly MAs and Buyers Turn to Sellers


Bitcoin Falls Below 100/200 Hourly Moving Averages

The price of bitcoins

Bitcoin

Bitcoin is the largest and the first digital currency in the world launched in 2009 by the entity Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it operates without a central bank or single administrator. Instead, Bitcoin can be sent through a peer-to-peer (P2P) network, which itself is devoid of any middlemen. Instead of being physical currency, Bitcoins represent pieces of digital code that can be sent and received over some sort of distributed network. ledger network called blockchain. As bitcoins are not issued or backed by any government or central bank, they are considered legal tender. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called Bitcoin mining. In exchange for mining Bitcoin, computers receive rewards in the form of new Bitcoins. Over time, mining becomes more and more difficult, causing subsequent rewards to become smaller and smaller. Given the structure of the code, there will only ever be 21 million Bitcoins. However, in 2020 there were already 18.3 million Bitcoins in circulation. Bitcoin Making HistorySince its launch in 2009, Bitcoin has remained the most popular and largest cryptocurrency by market capitalization in the world. Its popularity has also contributed significantly to the release of thousands of other cryptocurrencies, now known as altcoins. In its early days, the crypto market was originally hegemonic, although currently the landscape contains countless altcoins. Bitcoin has also been controversial since its initial launch. It has been heavily criticized for its use in illegal transactions and money laundering given its decentralized nature. Since bitcoin is impossible to trace, this makes the cryptocurrency an ideal target for illicit behavior. Critics also point to its high electricity consumption for mining, widespread price volatility and stock market theft. Bitcoin has been viewed by some as a speculative bubble given its lack of oversight.

Bitcoin is the largest and the first digital currency in the world launched in 2009 by the entity Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it operates without a central bank or single administrator. Instead, Bitcoin can be sent through a peer-to-peer (P2P) network, which itself is devoid of any middlemen. Instead of being physical currency, Bitcoins represent pieces of digital code that can be sent and received over some sort of distributed network. ledger network called blockchain. As bitcoins are not issued or backed by any government or central bank, they are considered legal tender. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called Bitcoin mining. In exchange for mining Bitcoin, computers receive rewards in the form of new Bitcoins. Over time, mining becomes more and more difficult, causing subsequent rewards to become smaller and smaller. Given the structure of the code, there will only ever be 21 million Bitcoins. However, in 2020 there were already 18.3 million Bitcoins in circulation. Bitcoin Making HistorySince its launch in 2009, Bitcoin has remained the most popular and largest cryptocurrency by market capitalization in the world. Its popularity has also contributed significantly to the release of thousands of other cryptocurrencies, now known as altcoins. In its early days, the crypto market was originally hegemonic, although currently the landscape contains countless altcoins. Bitcoin has also been controversial since its initial launch. It has been heavily criticized for its use in illegal transactions and money laundering given its decentralized nature. Since bitcoin is impossible to trace, this makes the cryptocurrency an ideal target for illicit behavior. Critics also point to its high electricity consumption for mining, widespread price volatility and stock market theft. Bitcoin has been viewed by some as a speculative bubble given its lack of oversight.
Read this term saw some sellers come in over the last hour or so and the decline took the price back below its 100 and 200 hourly moving averages. The 100-hour moving average stands at $29,846. The 200 hourly moving average stands at $29,757.48. The current price is trading at $29,465 after hitting a low of $29,400.

Looking at the hourly chart, the pair moved back above its hourly moving averages yesterday, tilting the bias to the upside. After breaking above, the price corrected towards its 100 hourly moving average on 2 occasions, but found supportive buyers. The 3rd test was unable to hold support and as a result, buyers turned to sellers on the break.

Often, if a technical level holds support (or resistance for that matter) a few times or more, it increases the levels of importance going forward. The level becomes a more important barometer for buyers and sellers. It also becomes a level defining risk and a level defining bias.

As a result, the break below this level today has turned buyers into sellers.

Going back to May 13, bitcoin price traded between $28,600 and $31,411. The move back below the hourly moving averages – between these levels – will cause traders to look towards the $28,600 level on the downside. The near risk now is the 100 and 200 hourly moving averages.

It should be noted that as bitcoin has gone down, the NASDAQ

NASDAQ

The Nasdaq Stock Market or NASDAQ is an American stock exchange. It only tracks the New York Stock Exchange (NYSE) in terms of market capitalization and is part of a network of stock markets and options exchanges. Launched in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it has been known simply as NASDAQ and has become one of the most influential stock exchanges in the world. OTC) trading system. What makes up the NASDAQ? In particular, the exchange also includes the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and the S&P 500 Index, it is one of the three most followed stock market indices in the United States. Overall, the NASDAQ stock market has three different market levels. This includes the capital market, or a stock market for companies with a relatively small market capitalization. Listing requirements for small cap companies are less stringent than for other Nasdaq markets which list larger companies with significantly higher market capitalization. Additionally, the global market is made up of stocks that represent the global Nasdaq market. The Global Market consists of 1,450 stocks that meet stock exchange financial and liquidity requirements and corporate governance standards. Finally, the Global Select Market is a market capitalization-weighted index comprised of 1,200 US and international stocks that represent the Global Select Market Composite.

The Nasdaq Stock Market or NASDAQ is an American stock exchange. It only tracks the New York Stock Exchange (NYSE) in terms of market capitalization and is part of a network of stock markets and options exchanges. Launched in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it has been known simply as NASDAQ and has become one of the most influential stock exchanges in the world. OTC) trading system. What makes up the NASDAQ? In particular, the exchange also includes the NASDAQ Composite, which includes almost all stocks listed on the NASDAQ stock market. Along with the Dow Jones Industrial Average (DIJA) and the S&P 500 Index, it is one of the three most followed stock market indices in the United States. Overall, the NASDAQ stock market has three different market levels. This includes the capital market, or a stock market for companies with a relatively small market capitalization. Listing requirements for small cap companies are less stringent than for other Nasdaq markets which list larger companies with significantly higher market capitalization. Additionally, the global market is made up of stocks that represent the global Nasdaq market. The Global Market consists of 1,450 stocks that meet stock exchange financial and liquidity requirements and corporate governance standards. Finally, the Global Select Market is a market capitalization-weighted index comprised of 1,200 US and international stocks that represent the Global Select Market Composite.
Read this term hint. It’s trading towards a new low as I hit 11307.70. The index is now down about 81 points -0.71%. It is also moving away from the 50% midpoint of the range since the post-pandemic low of March 2020. This midpoint stands at 11449.29.


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