Bitcoin has experienced a much-needed bounce from the $36,400 region overnight as it heads into the typically volatile weekend.
The world’s largest cryptocurrency is currently trading at $37,950 as it attempts to mount a charge towards the $39,000 level of resistance before stock markets close for the week at 9pm GMT.
Correlation with major stock market indicies has been particularly present over the past couple of weeks, with Bitcoin seemingly following every twist and turn of the tech-heavy Nasdaq.
Increased fears over Russia’s presence around the Ukranian border, coupled with a woeful earnings report from Facebook (Meta), caused a dramatic sell-off across all assets this week.
It resulted in a swift downside move in Bitcoin, which hit $36,400 after being at $39,000 just 24-hours before.
Bitcoin now needs to begin closing daily candles above the $39,500 level of resistance in order to establish a clear bullish path.
If it fails to do so, the $35,000 level of support will rapidly come under pressure with downside targets beginning to emerge in the low $30,000 area or even as low as $28,000 in the short to medium term.
It is undeniable that Bitcoin remains in a heavy downtrend across all time-frames and it needs as serious injection of strength if it’s to buck the trend anytime soon.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of BTC. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the BTC network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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