|Performance after Tuesday 07-Mar|
Bitcoin (BTCUSDT) price for the week to-date dropped -0.89% or -199.22 lower to 22,231.02. At time of writing into Wednesday’s trading session, Bitcoin has decreased by -0.89% over the past 24 hours. For the record, BTCUSDT is -67.80% below all-time high of 69,045.00. On Tuesday, BTC rose 0.18% to 22,450.46.
On the daily timeframe, price is below 9-Day EMA and Stochastic oscillator is rising but in oversold zone, our analysis is that the price action might be set for a rebound.
For the month-to-date, BTC is down by -3.93% or -910.55 lower.
What can we expect from Bitcoin today?
Looking ahead for the day, we are looking at 22,602.19 or 22,513.66 (R1) as important resistance levels and daily low of 22,377.69 and 22,382.47 (S1) as key support levels. Bitcoin need to break on either side to indicate a short-term bias. A break above 22,508.88 would suggest bullish bias after recent positive movement.
For the week to-date, take note that Bitcoin is falling as the pair posted lower, down by -0.89%. Prior performance for the week ending 2023-03-05 was -4.77%.
Key levels to watch out:
Last updated: 01:05 am UTC, 08-Mar 2023
Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.Bitcoin is changing the way we see money as we speak. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way. It is a decentralized peer-to-peer internet currency making mobile payment easy, very low transaction fees, protects your identity, and it works anywhere all the time with no central authority and banks.Bitcoin is designed to have only 21 million BTC ever created, thus making it a deflationary currency. Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes. Miners today are mining Bitcoin using ASIC chip dedicated to only mining Bitcoin, and the hash rate has shot up to peta hashes.Being the first successful online cryptography currency, Bitcoin has inspired other alternative currencies such as Litecoin, Peercoin, Primecoin, and so on.The cryptocurrency then took off with the innovation of the turing-complete smart contract by Ethereum which led to the development of other amazing projects such as EOS, Tron, and even crypto-collectibles such as CryptoKitties.