Bitcoin has define the technical trading ranges. Awaits the next shove.

The price of Bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger network called a blockchain. As Bitcoins are not issued or backed by any governments or central banks, it is considered to be legal tender. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called Bitcoin mining. In exchange for Bitcoin mining, computers receive rewards in the form of new Bitcoins. Over time, mining grows increasingly difficult, leading subsequent rewards to become smaller and smaller. Given the structure of code, there will only ever be 21 million Bitcoins in existence. However, as of 2020, there were already 18.3 million Bitcoins in circulation. Bitcoin Making HistorySince its launch back in 2009, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Its popularity has also contributed significantly to the release of thousands of other cryptocurrencies, that are now known as altcoins. At its inception, the crypto market was originally hegemonic, though presently the landscape contains countless altcoins.Bitcoin has also been controversial since its original launch. It has been heavily criticized for its use in illegal transactions and money laundering given its decentralized nature.As Bitcoin is impossible to trace, this makes the cryptocurrency an ideal target for illicit behavior. Critics also point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen by some as a speculative bubble given its lack of oversight. Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger network called a blockchain. As Bitcoins are not issued or backed by any governments or central banks, it is considered to be legal tender. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called Bitcoin mining. In exchange for Bitcoin mining, computers receive rewards in the form of new Bitcoins. Over time, mining grows increasingly difficult, leading subsequent rewards to become smaller and smaller. Given the structure of code, there will only ever be 21 million Bitcoins in existence. However, as of 2020, there were already 18.3 million Bitcoins in circulation. Bitcoin Making HistorySince its launch back in 2009, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Its popularity has also contributed significantly to the release of thousands of other cryptocurrencies, that are now known as altcoins. At its inception, the crypto market was originally hegemonic, though presently the landscape contains countless altcoins.Bitcoin has also been controversial since its original launch. It has been heavily criticized for its use in illegal transactions and money laundering given its decentralized nature.As Bitcoin is impossible to trace, this makes the cryptocurrency an ideal target for illicit behavior. Critics also point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen by some as a speculative bubble given its lack of oversight. Read this Term move up to a topside the swing area during yesterday's trade between $30,505 and $30,753 (see red numbered circles). Sellers leaned against that area and yesterday push the price back down through the near converged 200 and 100 hour moving averages (green and blue lines in the chart above). Since then, the price has remained below those moving average lines with the low price today reached down to test swing lows going back to April 14 and April 19/20th at $28,600 (see green numbered circles). The low price today reached $28,632.40 - just $32 away from that key swing level.

The subsequent bounce higher saw the price of bitcoin stall near the 100 and 200 hour MAs at $29,568 and $29,706 respectively. The high price stalled at $29,603, between the MA levels

What now?

The technicals have defined the high vs the 100/200 hour MA (up to $29,706) and the low (at the swing area at $28,600). Buyers and sellers are battling it out between those levels, and awaiting the next shove.

• Move above the moving average and I would expect further upside momentum. Traders will look to target the high swing area between $30,505 and $30,754. Get above that level and the $31,000 level would be the next major target
• Move below the $28,600 floor plan I would expect further downside momentum . Below that watch the $27,700 level. That is the 61.8% retracement of the move up from the May 12 low. Below that and traders will start to look toward the May 12 low near $25,400.

In between the moving averages above, and the floor below, and the market bias is neutral and awaits the next shove..