Bitcoin is moving back above the 100/200 hourly falling MAs. Can the price stay above the MA levels?


Bitcoin Surpasses Its 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 middleman. 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 middleman. 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 hit the lowest level since March 15 earlier in the day. The low came at $38,547.12.

The price started to rebound during the US session and rose in the last hours of trading. The upward move took the price back above its 100 hourly moving average currently at $40,104.98 and also its 200 hourly moving average currently at $40,497.89. The high price reached $41,004.10.

The move back above the moving averages tilted the short-term technical bias further up. The price had not been above its 200 hourly moving average since April 5. This move above April 5 failed, and the price has trended lower ever since. The 200-hour moving average on April 5 was up nearly $46,700.

With the much lower 200 hour moving average now at $40,497, the hurdle for buyers is of course much easier.

The question now is can the price stay above the broken moving averages?

The price has already fallen back below the 200 hourly moving average. The current price is trading at $40,426, which is just below the 200 hourly moving average at $40,497. However, it remains above its lower 100 hourly moving average of $40,104.

If price can stay above this moving average and retrace back above the 200 hourly moving average with more momentum, we could see a rotation towards the swing top from April 13 at $41,557. Above it is the 38.2% retracement of the decline from the March 28 high, which hits $42,247.51.


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