Bitcoin is stubbornly trading in the same range it has been trapped in since early December as trade volumes continue to subside.
Many believe the trend will either experience continuation to the downside or a bullish reversal before the end of the week following a month of consolidation.
A reversal would be confirmed with a daily close back above $51,000, which is currently a 10% move from Bitcoin’s current price of $46,250.
However, with open interest remaining dangerously high as Bitcoin grinds up against a key level of support, downside price action seems more likely over the coming days and weeks with general interest in cryptocurrency having subsided since the recent crash from $69,000.
Price targets to the downside remain at $42,000, $38,500 and $36,400, although it’s worth noting that a move into that region will likely be the beginning of a longer, drawn out bear market.
The difference between an almost certain bear market in 2022 compared with 2018 is that there is far more institutional interest in the asset class.
MicroStrategy CEO Michael Saylor is effectively all-in on his Bitcoin stance, holding more than 122,000 coins valued at $5.6 million.
Continued buying from institutional investors could well accelerate the duration of a potential bear market, with the next cycle predicted to break the psychological barrier of $100,000.
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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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