Latest Bitcoin price and analysis (BTC to USD)
Bitcoin is audaciously attempting a recovery after it slumped below $10,000 for the first time since July yesterday evening.
The world’s largest cryptocurrency plunged to as low as $9,980 before making a 5.26% move back to the upside this morning.
The major sell-off has sent shockwaves across the entire cryptocurrency market, with the likes of Chainlink, Binance Coin and Litecoin all facing double-digit declines.
At the time of writing Bitcoin is trading at $10,520, which crucially is a previous level of support and resistance.
If Bitcoin is rejected from this point, it will almost certainly confirm a new bearish phase in the market, with downside price targets beginning to emerge at $9,250 and $8,830.
BTCUSD on TradingView
The sell-off in digital assets has been caused by a number of factors, the first of which being bullish exhaustion followed numerous failed attempts at breaking the $12,500 level of resistance.
The second, and arguably most important factor, has been the spike in the US Dollar index (DXY) which has caused a correction across almost all capital markets including the US stock market.
There is also an argument that the recent Bithumb seizure by Korean police acted as a catalyst for the sell-off, but it’s worth noting that they are far more liquid exchanges so the influence may be overstated.
From a technical perspective Bitcoin needs to close its weekly candle well above $10,500 to avoid a confirmation of a trend reversal, as $10,500 was a point of rejection in October, February and June.
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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
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.
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