In the past seven days, Bitcoin has been above $11,600, below $8,500 and is currently trading around $9,500. Panic or positivity amongst investors has swayed with the latest offerings from the Bitcoin news cycle, whether the stories be true, false or exaggerated.
Times change, stories come and go, the price goes up and down, but Bitcoin itself remains solid and secure. It is still the number one cryptocurrency and the only one that is truly decentralized. There is no founder pulling the strings or tossing up whether transactions should be reversible.
Bitcoin has proven its resilience through years of varied market conditions and it has survived despite attacks from within and without. No one controls Bitcoin and no one can control it. The same can not be said for other coins within the crypto space.
SegWit adoption is bringing cheaper transactions, the Lightning Network is bringing faster transactions and it's still early days in terms of supportive technological developments.
If you're on the Bitcoin roller coaster, hold on tight. For many, doing so has turned fear into exhilaration.
Contrary to what I had thought, $10,000 provided minimal resistance, as Bitcoin pushed past that mark and onwards beyond $11,000. At the time of writing, BTC is trading above 11.2k.
This is welcome news to many who feared the worst when Bitcoin retraced from its mid-December 2017 high of nearly $20,000 to below $7,000. And for those who bought the dip, well ... nicely played.
While it appears that the bulls are back, this is Bitcoin, which continues to surprise with its fast paced, short term unpredictability. For traders, this environment has provided the possibility of huge gains, but also massive losses.
For long term holders, the gains have come despite the downturns, because so far, the market has always rebounded to reach new all time highs. Are we about to surge to another one? For me, it's too early too tell, yet at the same time, I certainly wouldn't be surprised if it did.
Following my last post, Bitcoin fell below $7,000 before rebounding strongly and moving in a sideways channel between $8,000 and $9,000. Today the price finally pushed past 9k, reaching a high of $9,836 where it met resistance.
On the way down, $10,000 acted as resistance that helped to bounce the BTC price a number of times, so on the way up, this is likely to happen in reverse. Still, it is good to finally have some bullish momentum after the significant fall from the mid-December 2017 high of nearly $20,000.
Bitcoin was in freefall towards $7,500 when it finally found support at $7,699 and bounced upwards by nearly $1,200.
As a previous high, it was much anticipated that $7,500 would provide support. With this in mind, investors started buying as the price rapidly closed in on the 7.5k target.
Bitcoin is now moving sideways as we eagerly await what happens next. It's been a big day in BTC, to say the least.
Bitcoin has fallen below $8,000, which was quickly followed by $7,900, then $7,800, then $7,700 and it is continuing to fall.
Things look extremely bearish at the moment. The next question is, will $7,500, a previous high, act as support and bounce the price?
Updates will be posted here as they come to hand. In the meantime, continue to stay strong.
Since dropping below $10,000 yesterday, the price of Bitcoin has continued to fall and is now under $8,400. The charts remain bearish, so I would assume that we have not yet reached the low point of this correction.
For many investors in BTC, the lower things go, the greater the temptation to sell becomes. Bitcoin history so far, shows that selling after a major drop in price leads to regret, as the price has always rebounded to achieve new all time highs. Will history repeat itself? I believe so. Stay strong!
Bitcoin has taken a sharp fall in price to below $9,200. Bearish momentum is building in the charts, as speculators who panic bought when the price was rising are panic selling as it falls.
During Bitcoin's 2017 surge from under $1,000 to nearly $20,000, many new investors piled into the market with minimal knowledge about what they were buying. This lack of understanding of the technicals and value proposition behind Bitcoin, combined with only having experienced a bull market, has turned the fear of missing out into the fear of being left holding the bag.
Bitcoin veterans, on the other hand, have seen this all before. The fundamentals haven't changed. It's a time to stay strong, knowing that BTC has always bounced back bigger and better than ever. While this current correction may not be over, neither is Bitcoin. The long term future is bright. Bitcoin to the moon!
After looking somewhat bearish recently, Bitcoin seems to be finding support at $11,000. The price has been moving above that today, yet not reaching the 12k mark. While this price resilience of Bitcoin is a positive sign, I think it is too early to say that things are about to turn bullish.
There has been some difference of opinion amongst prominent voices in the Bitcoin community as to the state and direction of the market in the short term. Technical chart analysis has pointed to a further correction to the downside, however, developments in the lightning network and growing business investment in the space could be considered bullish signs.
Where consensus exists, is in relation the long term outlook for Bitcoin. This is considered positive in terms of price, technological advances and adoption.
The earlier support that Bitcoin found at $10,000 has been broken and the price is continuing to fall. At the time of writing, Bitcoin is trading around $9,500. Where things go to from here will depend on whether investors panic sell or see this as a buying opportunity. It could go either way.
Things look bearish on all of the chart time frames, so as I mentioned in the previous article, I still see some more downside ahead. If this is the case, then hopefully $8,500, a previous high, will provide support.
For those of you who are relatively new to Bitcoin investing, stay strong, BTC has triumphed from such downturns in the past.
The price of Bitcoin fell from $13,000 to $10,064 before bouncing back up to $11,700. While finding support at the 10k mark is a positive sign, the downward move may not be over, as the price has once again dipped below 11k.
It isn't just Bitcoin that has taken a hit. Ninety-eight of the top 100 cryptocurrencies listed on CoinMarketCap.com have fallen in the past 24 hours. The cause of this downtrend is unclear, however, there are suggestions that speculation about possible crypto related government regulations in China and Korea has spooked investors.
Bitcoin's history is filled with significant falls in price, yet every time it has recovered and gone on to reach new highs. Keep this in mind if you're considering selling your Bitcoin. Think long term and never panic sell.
I personally, would not be surprised to see a further fall of 2k to 2.5k, which may be a good buying opportunity. Again, this is a volatile market, so whatever the situation, only invest what you can afford to lose.
My belief in the long term future of Bitcoin has not changed — Bitcoin to the Moon!
Bitcoin to the Moon is a blog dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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