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Bitcoin (BTC) began last week with a clear break of the $62,000 AUD level and the ascending triangle that we have been watching these past few newsletters.
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We began last week with a bounce at $56,600 AUD after a 9% drop. Bulls rallied hard here and pushed bitcoin all the way to a new high of $63,193 where it remained for most of the week.
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We began last week with a bounce off the 50 EMA at $43,000 AUD and a gradual rise higher toward bitcoin’s recent top of $54,000.
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We began the week with Bitcoin finding a floor at $40,000 AUD and confirming the base of a larger symmetrical triangle going back to the start of 2021.
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Have you heard about bitcoin and wanted to learn more about it? Read our guide on what bitcoin is and how you can get started
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Welcome to this week’s market update and another week in the extremely eventful cryptocurrency market.
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There is a lot of debate about what the future holds for Bitcoin. Some people are doubtful that Bitcoin will become a ‘mainstream’ currency, while some Bitcoin enthusiasts wish they had invested earlier in this cryptocurrency.
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We began last week with a showstopping plunge to $39,280 from the previous week’s highs before bulls rallied the cryptocurrency above the psychologically significant $50,000 AUD level.
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When trading in cryptocurrencies it is essential to have an understanding of how you store your coins. Unlike most traditional currencies that we are all familiar with using, bitcoin is a digital currency. Bitcoins don’t exist in any physical shape or form - you can’t hold them in your hand - you can’t stuff them under the mattress or put them in a traditional wallet.
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What unfolded before our eyes this week was incredible, Bitcoin set ANOTHER new all time high (ATH), breaking its previous record set just last week at $43,800 AUD.
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