At the time of writing, Bitcoin (BTC) is trading at just below $7,800 after losing about 22% in value since last week, when BTC was trading above $9,900. However, in the last 24 hours Bitcoin lost less than 4%, meaning price is already recovering.
BTC experienced a substantial pump earlier in the month which saw its price jump from $10,000 to a peak of around $10,900. Price quickly retraced to around $10,200 and has now dropped below the psychological $10,000 level once more.
Following a number of lower highs, Bitcoin now seems to be in a short-term downtrend, with price dropping below its 200-day EMA.
Will price recover back to $10,000 and above? If so, when?
As you can see from the chart above, BTC is now back to trading between its 20-day EMA, 50-day EMA and 200-day EMA. Price was swinging between the 20-day and the 50-day EMA during most of the month, however, last week saw the price finally closed below all EMAs.
Last week, I stated Bitcoin should be bouncing back after the drop but we might have to wait for a few more weeks while Bitcoin consolidates between $7,000 and $9,600.
BTC is prone to huge drops between 30% and 40%, even during bull seasons, meaning we shouldnt expect the market to suddenly enter a long-term bearish momentum. I dont advise to fight the trend, but to always surf it for as long as possible. Hopefully, within the next three to five weeks, we will see a major reversal after a period of serious accumulation by hodlers.
Volume has dropped from a peak of $27 billion earlier in the year to around $14 billion now, although its currently on a positive trend towards $15 billion.
Bitcoins market dominance has also decreased slightly from 70% to 68,5%, according to CoinMarketCap.
As veteran traders and investors usually say, smart money buys when theres blood on the streets. Looking at the overall market behaviour, Im quite confident that were still in a bull run, but we should enjoy these consolidation periods and take the opportunity to scoop up some more BTC. These drops wont last forever.
The reason why Im confident is because its hard to see a different scenario. How can the markets not push higher up throughout the year after the ECBs recent rate cuts, the continuous share buybacks from huge corporations, or the inverted bond yield shoving investors away towards riskier assets?
Current live Bitcoin 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:
In August 2008, the domain name 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 3rd January 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or the genesis block), which had a reward of 50 Bitcoins.
If you want to find out more information about Bitcoin orcryptocurrenciesin general, then use the search box at the top of this page.Heres 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.
The postLatest Bitcoin price and analysis (BTC to USD)appeared first onCoin Rivet.
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