Bitcoin is currently at a crucial point of resistance following an impressive start to the month that saw it surge to the $45,000 level.
The world’s largest cryptocurrency is trading at $43,300, an important level of support in itself.
If it can rally up towards $45,000 before stock markets close on Friday evening, it would pave the way for a breakout and continuation to the upside over the coming weeks.
Eventual targets remain at $53,000 and $56,000 – however Bitcoin would need to avoid placing itself in a bull trap scenario.
If volume, and subsequently price action, begins to subside this month with a slump back below $41,000 – it would signal that this move was a run to liquidate short positions before it heads lower.
On higher time frames Bitcoin remains in a downtrend from $69,000, a swift break of $53,000 is the only thing that would confirm a bullish reversal.
In the short term Bitcoin needs to hold $43,000 and begin to establish a stronger level of support, although it’s worth noting that price action is currently being driven to the crisis in Ukraine and a potential hike of interest rates by the Federal Reserve.
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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.
More BTC news and information
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