|Performance after Tuesday 21-Feb|
Bitcoin (BTCUSDT) price for the week to-date gained 0.51% or 124.59 higher to 24,396.35. At time of writing into Wednesday’s trading session, Bitcoin has decreased by -1.82% over the past 24 hours. For the record, BTCUSDT is -64.67% below all-time high of 69,045.00. On Tuesday, BTC dropped -0.07% to 24,823.98.
On the daily timeframe, price is above 9-Day EMA and Stochastic oscillator is rising but in overbought zone, our analysis is that there is bullish momentum and price could continue to go higher.
For the month-to-date, BTC is up by 5.50% or 1271.22 higher.
What can we expect from Bitcoin today?
Looking ahead for the day, we are looking at 25,121.23 or 24,915.49 (R1) as important resistance levels and daily low of 24,781.50 and 24,756.99 (S1) as key support levels. Bitcoin need to break on either side to indicate a short-term bias. A close below 24,781.50 would indicate selling pressure.
For the week to-date, take note that Bitcoin is rising and up by 0.51% as the pair continued to trade higher in the past few days. Prior performance for the week ending 2023-02-19 was 11.42%.
Key levels to watch out:
Last updated: 01:05 am UTC, 22-Feb 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.