Bitcoin is once again trading below $35,000 following a 5% sell-off from the $36,550 resistance level overnight.
The world’s largest cryptocurrency remains in a short to medium-term uptrend from $30,000, having formed consecutive higher highs and higher lows. However, if Bitcoin starts to close four-hour candles below $33,800, it could break the previous lower high and shift into a bearish stance.
It is worth noting that Bitcoin recently experienced a daily death cross, where the 50-day exponential moving average (EMA) crosses below the 200-day EMA. This is typically seen as a bearish signal on a macro scale, with many analysts now suggesting that Bitcoin has entered a bear market following a bull cycle that saw it reach a record high of $65,000 earlier this year.
Technical Analysis
From a technical perspective, short-term support levels are at $34,250, $33,800, and $33,400. A decisive break below these levels could indicate a move towards the key support at $30,000. Conversely, if Bitcoin can reclaim the $35,400 level, it could move up to test the $36,400 resistance, where it recently faced rejection on June 19.
Current Live BTC Price Data
For real-time BTC price data and interactive charts, visit our website 24/7. The ticker bar at the bottom of each page provides the latest Bitcoin price, also available in various currency equivalents:
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About Bitcoin
In August 2008, the domain name bitcoin.org was registered. On October 31, 2008, a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was published by Satoshi Nakamoto, the creator of Bitcoin. To date, the identity of Satoshi Nakamoto remains unknown. The paper outlined a method of using a peer-to-peer network for electronic transactions without relying on trust.
On January 3, 2009, the Bitcoin network came into existence. Nakamoto mined the first block, known as the “genesis block,” which had a reward of 50 Bitcoins.
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Disclaimer: The views and opinions expressed by the author should not be considered financial advice.