Bitcoin is now traded in a narrow range between $56,400 and $59,700, as it approaches the big $60,000 resistance mark.
The world’s largest cryptocurrency is now trading well below its April record of $65,000, which was set in anticipation of Coinbase’s direct listing on Nasdaq.
Although Bitcoin has been relatively steady, the altcoin industry has exploded, with Ethereum more than doubling in just 16 days.
When Bitcoin trades sideways as altcoins spike, gains can inevitably be recycled back into Bitcoin, triggering upward strain.
It is currently traded at $57,200, down 4.81 percent from its overnight peak of $59,700, after a flurry of leveraged short orders above $60,000 on derivatives exchanges.
If the $56,400 level of support is breached in the coming days, we may see downside price goals of $55,800 and $53,800 appear, though it is worth remembering that the bullish structure of altcoins would certainly work in Bitcoin’s favor as it dips.
About Bitcoin & Bitcoin pricing:
The domain name bitcoin.org was registered in August 2008. On October 31, 2008, a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was released. Satoshi Nakamoto, the creator of Bitcoin, wrote this. No one knows who this guy or people are as of yet.
The paper described a mechanism for using a peer-to-peer network for electronic transactions that does not rely on “trust.” The Bitcoin network was founded on January 3, 2009. Block number “0” (or the “genesis block”) was mined by Nakamoto, and it had a reward of 50 Bitcoins.