BTC Analysis
| Overall Performance | |||||
| 24-hr | 7-Day | 30-Day | 1-Year | Mkt Cap. | 24-hr Vol. |
| 0.16% | -7.22% | -13.05% | -8.78% | 520.48 bn | 8.12 bn |
Bitcoin (BTCUSDT) price over 7 days dropped -7.22% to 26,847.94 for the week ending 2023-05-14. For the record, BTCUSDT is -61.09% below all-time high of 69,045.00.
Over the last 30 days, BTC is down by -13.05% while 12-month period is down by -8.78%.
For the week, our technical outlook suggests weakness as Bitcoin is not performing well over the last 7 days.
What can we expect from Bitcoin today?
At time of writing, however, Bitcoin has increased by 0.16% over the past 24 hours. Our daily analysis is that the price action looks mixed.
Looking ahead for the day, immediate upside resistance level at 27,075.42 (R1) with break above could target 27,302.89 (R2), while on the downside we are looking at daily low of 26,560.53 as an immediate support level. Break below this level could weaken the current bullish momentum.
Key levels to watch out:
| R3 | 27,560.34 |
| R2 | 27,302.89 |
| R1 | 27,075.42 |
| Daily Pivot | 26,817.97 |
| S1 | 26,590.50 |
| S2 | 26,333.05 |
| S3 | 26,105.58 |
About Bitcoin
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.
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