Bitcoin has obliterated both the $56,400 and $57,300 levels of resistance as it begins to embark on a sensational comeback towards the $60,000 mark.
The world’s largest cryptocurrency has now doubled in value since late June and early July when it languished below $30,000.
The rally is being attributed to unconfirmed rumours of a Bitcoin ETF being approved by the SEC, whilet others believe Bitcoin is finally coming into its own as an inflation hedge in light of stagnation in the value of gold.
From a techincal perspective, this is the first time these levels have been tested since the brutal sell-off in May, which suggests that volatility will increase as traders battle it out to try and find the top.
At the time of writing Bitcoin is trading at $57,670. It is expected to begin a pullback between $57,800 and $58,500, as this was the previous all-time high in February before a 25% correction to $43,000.
Intriguingly, this recent rally has been dominated by Bitcoin as the rest of the cryptocurrency market consolidates. This typically happens at the beginning of a bullish phase in the market before capital flows back into more speculative investments like altcoins and NFTs.
However, it’s worth noting that although Bitcoin is clearly showing signs of strength, with volume increasing by 22% in the past 24-hours, a bull trap scenario just shy of it’s record high at $65,000 remains a daunting and probable scenario as the rally continues to be underpinned by frothy sentiment.
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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 Bitcoin. 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 Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.