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Last Updated: Nov 21, 2024 11:06:50 AM (GMT)
BTC/USD: The current market price is $91,273.50, reflecting a 1.25% increase from the previous close.
Support and Resistance Levels Current support levels are at $90,200, $89,000, and $88,500 while resistance levels are at $92,000, $93,000, and $94,500. The pivot point is $90,400.
Indicators The RSI is at 45.96, indicating neutral momentum. The ATR is relatively high at 738.74, suggesting increased volatility. The ADX is at 25.25, indicating a strengthening trend. The 50-day SMA is at $91,750, whereas the 200-day EMA is at $92,152, both showing bearish signals. The Parabolic SAR is bullish.
Market Sentiment Given the market price is above the pivot point ($90,400) and supported by strong indicators, a bullish trend is forecasted.
About Bitcoin
Bitcoin (BTC) is the most popularly traded cryptocurrency and the leader among cryptocurrencies by market cap, standing at 43% of the total cryptocurrency market in July 2022.Bitcoins are created by computers performing highly complex mathematical computations, with the computer that solves the math puzzle winning the block and, therefore, the bitcoins. This computing is done in a distributed network and is called bitcoin mining. Bitcoins act as an incentive for miners to use their computing power to legitimize and validate transactions. As of July 2022, only 9% of bitcoins remain unmined.
Bitcoin is most commonly traded against the US dollar, represented by the symbol BTC/USD. The Bitcoin price is usually denoted in US dollars. The cryptocurrency pair indicates how many US dollars (the quote currency) are needed to purchase one Bitcoin (the base currency). For example, if the pair is trading at $20,500, it means that it takes $20,500 US dollars to buy 1 Bitcoin.
A Complete Guide to Day Trading Bitcoin in 2021
BTC Breakdown
There can be no more than 21 million bitcoins. The reason for this supply limit is the decreasing-supply algorithm that is used in the mining process. The bitcoin mining process becomes exponentially slower as it progresses, and it is estimated that the last bitcoin will only be mined in May 2140.
The price of BTC price, in theory, is bound to increase over time on account of a reduction in bitcoin's supply over time, with fans of the cryptocurrency stating it’s a simple economic principle: demand increases while supply decreases.
Unlike traditional finance and trading exchanges, the decentralized nature of bitcoin makes transactions and trading far more affordable. The growth of cryptocurrency exchanges and the adoption of bitcoin as a legitimate payment option should also drive interest in trading BTC as the future unfolds.
Bitcoin Price PredictionBitcoin History
In January 2009, the financial world changed forever when the ‘genesis block’ of bitcoin was mined by an anonymous person (or persons) using the pseudonym Satoshi Nakamoto. That was when the first decentralized cryptocurrency was created.
Bitcoins can be transferred between individuals’ cryptocurrency wallets or used to purchase goods or services online. Every transaction made with bitcoin is recorded in a massive data ledger called a blockchain.
This blockchain technology works to validate transactions with other computers on the bitcoin network, ensuring that every transaction is legitimate without any human input. This decentralized, collaborative effort ensures that no central authority can completely control Bitcoin.
BTC Price Factors
Although bitcoin is the most established cryptocurrency, it is still relatively young compared to fiat currencies like the US dollar and the British Pound, turning just 14 years old in 2022. Because of this, events related to bitcoin’s development and the cryptocurrency market as a whole have the potential to move bitcoin’s price drastically.
Media influence
Studies have shown that one of the greatest influences on bitcoin’s price is the media. When media coverage is up, existing investors feel more confident and stay in the market, buying more. New investors are also often attracted through media coverage, which further boosts demand for bitcoin. The network effect also comes into play, as articles are shared, and bitcoin is discussed between friends and family.
Hard Forks
Such events could include a ‘hard fork’, which alters the internal structure of how bitcoin operates and creates a new cryptocurrency altogether. Often spawned from disagreements in the community, new forks often signal uncertainty in the bitcoin community, prompting traders to sell and exit the market.
Bitcoin also faces an evolving scaling issue that needs to be addressed, as transaction costs during peak times on the blockchain are exorbitantly high. Increasing the bitcoin block size capacity is one way to solve the serious blockchain congestion problem.
However, a ‘hard fork’ is necessary to do this, as the original bitcoin code can’t be altered. This option is unpopular with many in the crypto community, with forks such as Bitcoin Cash and Bitcoin Gold performing poorly in the months following their forks.
Global Financial Crisis
Something else that could affect the price of bitcoin considerably is a global financial crisis. If confidence in major central banks and governments falters, there could be a flight to safety, boosting assets with a fixed supply, such as bitcoin.
It’s tricky to determine what would happen in this scenario as many wary investors still consider bitcoin a risky asset, citing its extreme volatility as proof bitcoin isn’t a safe, long-term store of value. Being so, it may be that the price of bitcoin plunges in a global financial crisis, only to recover as investors look for an asset that provides better returns than the market can.
Government Intervention
On 5 December 2013, the People’s Bank of China stepped in and banned financial institutions on the Chinese mainland from dealing in Bitcoin. This intervention by the Chinese government caused a massive selloff, and the Bitcoin price fell by more than 50% of its value in a matter of days.
After this initial plunge, the BTC rate continued drifting lower for more than a year before it bottomed out. The same could potentially happen again if another big economy decides to ban bitcoin.Trading Bitcoin
Trading BTC requires considerable skill and knowledge of the markets, owing to its high volatility and the unexpected way the market moves. This is the main reason why many bitcoin traders, particularly new traders, depend on the analysis of bitcoin charts and bitcoin forecasts by professional crypto traders, such as the ones we offer at FX Leaders.
Our cryptocurrency analysts have substantial expertise and experience in conducting comprehensive technical analysis of BTC charts, as well as strong fundamental analysis skills that complement technical trading perfectly.
Due to its highly volatile nature, bitcoin is best traded with swing trades, which is why our bitcoin forecasts tend to lean on the long-term side with substantial profit targets, especially when compared to our forex trading signals.
Bitcoin is a digital currency that was created by an unknown person or a group of persons using the pseudonym Satoshi Nakamoto. The most popular cryptocurrency, it is not a tangible currency but offers a faster way to transact on a distributed ledger platform known as the blockchain.
To start trading Bitcoin, you will need to create an account on a cryptocurrency exchange. You can use this exchange to convert your capital in fiat currency into Bitcoin and then use it to trade against other instruments, including other fiat currencies and cryptocurrencies.
You can store Bitcoins in a digital wallet - choose from a hardware wallet, cold storage wallet or a multi-signature wallet. As stolen or lost Bitcoins can never be retrieved, ensure that you select the safest option based on how you plan to use Bitcoin, create a seed phrase for the wallet that you can write down and store safely in a physical location, and if possible, back up your wallet by your full node.
As cryptocurrencies gain more acceptance in the mainstream world, Bitcoin can be used to make purchases on leading online merchants and retailers around the world, including Shopify, Microsoft, Etsy, PayPal and more. Its growing popularity has made it possible to use Bitcoin to purchase services, including travel, online, buy video games, and even make donations to some organizations.
While Bitcoin is not yet recognized as legal tender, it is considered legal to buy, sell and hold Bitcoins. While most countries are yet to introduce regulations concerning the use of cryptocurrencies, it is considered an asset or property for tax purposes in many parts of the world.
The UK has not banned the use or trading of cryptocurrencies, but does not yet have a customized regulation exclusively catering to the handling of cryptocurrencies yet. Cryptocurrencies like Bitcoin are not considered legal tender but crypto exchanges are required to be registered.
Bitcoin is considered a riskier instrument to trade than conventional financial instruments like equities and forex, owing to the highly unpredictable nature of the cryptocurrencies' market. The lack of regulation in this space makes BTC price susceptible to sudden movements, which, when traded carefully, also offer the scope for earning high returns.
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