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BTCUSD - Remains Attracted to Key $6500 Level as Volatility Dissipates



BTCUSD - Remains Attracted to Key 6500 Level as Volatility Dissipates
In the last few weeks Bitcoin (BTCUSD) has been content to trade right below the current key level of $6500, whilst meeting significant resistance at that level throughout the time. It continues to stalk the $6500 level although a few days ago, it fell away to its lowest level in a few weeks. It has made several attempts to break higher through the resistance at $6500 however it was sold off on every occasion. In early September Bitcoin fell very sharply from a one month high near $7500 and quickly settled under $6500. The $6500 level has firmly established itself as a level of significance and the markets will be watching closely to see if it break away from this level one way or the other.


In the second half of July, BTCUSD enjoyed a strong surge higher moving through the key $6500 level and to the two month high. May and June saw Bitcoin fall strongly losing almost 40% of its value in that short period, from the peak near $10000 in early May to trading levels just below $6500. Throughout April, BTCUSD again rallied well off support at $6500 to that recent approaching $10000, however these gains have been few and far between in 2018.

In December the price of one bitcoin (BTC) reached a new all-time high of $19,783.06, according to Coindesk. To say that BTCUSD has struggled this year is an understatement. For the most part it has formed lower peaks and lower troughs. It is the $6500 level than many market participants are watching as BTCUSD has repeatedly bounced off this level.

As Bitcoin celebrates its 10th anniversary, many commentators have taken the opportunity to review its short history and look into its future.Some have taken the opportunity to point out that for the first time in many years, the Bitcoin price is lower than it was a year earlier.If you bought the digital coin a year ago and held onto it, you’ve lost money.The first mention of Bitcoin appeared online a decade ago, without much fanfare. A technical paper describing a new “electronic cash system” was sent around an obscure internet mailing list.The pseudonymous creator behind bitcoin, Satoshi Nakamoto, released the currency's whitepaper, Bitcoin: A Peer-to-Peer Electronic Cash System. Nakamoto was experimenting a new form of currency aiming to give people back the power to control their money, following the 2008 global financial crisis.  Nakamoto detailed how the system would mean online payments being sent directly between people, without having to rely on a bank. There are now more than 2,000 cryptocurrencies available however none have received the same attention or enjoyed a meteoric price rise as Bitcoin.The financial industry continues to investigate further, specifically regulation and security.

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This post was written by Graeme Watkins

CEO Valutrades Limited, Graeme Watkins is an FX and CFD market veteran with more than 10 years experience. Key roles include management, senior systems and controls, sales, project management and operations. Graeme has help significant roles for both brokerages and technology platforms.