Bitcoin Technical Analysis (BTC/USD): Prices Just Above $560 Support After Falling Below $600

Prices of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term continue to fall today after breaking below the $600 barrier on Thursday. Before Thursday’s move, prices had been in a tight range for July, trading mostly between $610 to $620. Following their initial move lower, bitcoin found support at $585 but that level was broken today, with prices hitting a low of $562 on BTC-e.

At current levels, bitcoin is trading around prices where it initially saw support in mid-June (see chart). Following bitcoin’s May surge from $420 to around $650, profit selling brought prices back around $560 in mid-June. However, demand stepped up at those levels to propel prices back above $600. As a result eyes are now back at the $560 level to see if it holds again and proves to be an area of demand. A break below $560 may trigger further selling pressure as short-term buyers that bought the current dip may exit their positions. Beyond $560, there isn’t much support until $500. Beyond just a psychological barrier, $500 also represents the 38.2% retracement level from May’s lows to June’s highs.