Bitcoin is a digital currency that is created and managed through a decentralized network. It is the first decentralized digital currency and was invented in 2009 by an unknown person or group of people under the name Satoshi Nakamoto. Bitcoin is a peer-to-peer payment network that allows users to buy goods and services without using a credit card or bank account. It can be used to transfer money around the world with minimal fees. The value of bitcoin has fluctuated significantly over the years.
Today, according to CoinMarketCap, the most popular cryptocurrency in terms of market capitalization, Bitcoin, drops below $30k within the last 24 hours after its rise to over $33k yesterday.
Bitcoin’s price dropped over the past 24 hours after it published its first green weekly candle, after nine weeks of red weekly candles. This could be due to traders making profits.
According to the crypto market monitor, Bitcoin’s price is now at $29,490.63, a drop of 5.48% in 24 hours. The price of Bitcoin has fallen 6.89% in the past seven days. The current market cap of the coin is $561.71 billion.
The daily chart for Bitcoin/USDT shows that Bitcoin’s price fell below the 9 EMA level. BTC tried to retest $31,700 but was quickly followed by a bearish wave that led to the price dropping back to its current level.
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BTC has now tested the level twice in seven days. The most recent attempt at this level yielded the same result. Bulls appear to be trying to keep BTC’s price above the 9 EMA level. The current candle has a small wick beneath it which is indicative of buyers trying to maintain the price above a certain point.
Investors may see this as a buying opportunity since the two attempts to tap the $31,700 level have twice-tapped it. If the candle forms a lower low than the one before, an ascending triangle may form. This could be a signal for a bullish move towards $36,000.