Bitcoin is currently trading at a three-month high of $47,000 following an impressive breakout on Sunday evening.
The world’s largest cryptocurrency now needs to begin closing consecutive daily candles above $46,400 to ensure it continues the recent uptrend.
It has now, crucially, broken the cycle of lower highs from $45,800 and $45,300 as it gears up for a move towards the $50,000 level of resistance.
With $50,000 firmly in its sights, a swift move to the $53,000 may be on the cards if the asset can sustain trade volume this week.
The recent move has coincided with a 10% rally in the S&P500 as global markets begin to recover from the early-March lows caused by Russia’s conflict in Ukraine.
Whilst there are still numerous warning signs from a macro standpoint, Bitcoin and the entire crypto market seems poised for continuation to the upside, although it’s worth noting that a corrective move to around $45,000 may come into fruition at some point this week.
A break back below $45,000 would indicate a fakeout – this would have devestating consequences as a huge amount of leverage and open interested has been added on the long side during this rally.
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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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