BTC begins April seeking to establish $70,000 as support for new all-time high

The main cryptocurrency on the market, Bitcoin (BTC), is quoted this Monday morning, 04/01/204, at R$ 349,692.58. Bulls are looking to establish $70K as new support to drive a new all-time high towards $74K.

“Bitcoin was once again subject to an intensified sell-off after briefly passing $71.5K. At the start of active trading in Europe, BTC fell below $69K. This is a sharp drop from the immediate upper bound to the lower limit of the trading range of the last six days. Such a large amplitude can be explained by the reduction in liquidity due to the Easter weekend”, highlights analyst Alexander Kuptsikevich.

According to him, we still see drops to just under US$69,000 as a post-growth consolidation – an important step before a new breakthrough. However, we have already seen several false starts, so it is best to wait for confirmation that Bitcoin has completed consolidation. In our case, it is the ability to grow above US$71,500.

“Bitcoin rose 15.4% in March to $70,900, reaching all-time highs on multiple occasions. The number one cryptocurrency has risen in six of the last seven months. In terms of seasonality, April is considered one of the best months for the main cryptocurrencies. In the last 13 years, Bitcoin ended the year nine times on the rise in April. The average increase was 21.6%, while the average drop was 7%”, he concludes.

Therefore, the price of Bitcoin on April 1, 2024 is R$349,692.58. At this value, R$1,000 buys 0.0028 BTC and R$1 buys 0.0000028 BTC.

The cryptocurrencies with the biggest increase on April 1, 2024, are: Core (CORE), Jupiter (JUP) and Bitcoin Cash (BCH), with increases of 62%, 20% and 13% respectively.

The cryptocurrencies that are registering the biggest drops on April 1, 2024, are: Conflux (CFX), Pepe (PEPE) and dogwifhat (WIF) with drops of -13%, -9% and -8% respectively.

What is Bitcoin?

Bitcoin (BTC) is a digital currency, which is used and distributed electronically. Bitcoin is a decentralized peer-to-peer network. No person or institution controls it.

Bitcoin cannot be printed and its quantity is very limited – only 21 million Bitcoins can be created. Bitcoin was first introduced as open source software by a programmer or group of anonymous programmers under the codename Satoshi Nakamoto in 2009.

There have been many rumors about the real identity of the creator of BTC, however, all the people mentioned in these rumors have publicly denied being Nakamoto.

Nakamoto himself claimed to be a 37-year-old man living in Japan. However, because his English is perfect and his software was not developed in Japanese, there are doubts about this information. Around mid-2010, Nakamoto moved on to other things and left Bitcoin in the hands of some prominent members of the BTC community.

For many people, Bitcoin’s main advantage is its independence from world governments, banks and companies. No authority can interfere with BTC transactions, import transaction fees, or take money from people. Furthermore, the Bitcoin movement is extremely transparent – every single transaction is stored in a large, public, distributed ledger called the Blockchain.

Essentially, because Bitcoin is not controlled as an organization, it gives users complete control over their finances. The Bitcoin network shares a public ledger called “block chain”.

If someone tries to change just one letter or number in a block of transactions, it will also affect all blocks that follow. Because it is a public book, an error or attempted fraud can be easily detected and corrected by anyone.

The user’s wallet can check the validity of each transaction. The signature of each transaction is protected by digital signatures corresponding to the shipping addresses.

Due to the verification process and depending on the trading platform, it may take a few minutes for a BTC transaction to be completed. The Bitcoin protocol is designed so that each block takes about 10 minutes to mine.

Disclaimer: This is not an investment recommendation and the opinions and information contained in this text do not necessarily reflect the positions of Cointelegraph Brasil. Each investment must be accompanied by research and the investor must be informed before making a decision.