Bitcoin struggled to establish a level of support above $10,000 over the weekend, dropping to $9,600 amidst a major sell-off across all major cryptocurrencies.
It now needs to continue trading above $9,600 to avoid further price action to the downside, with potential targets emerging at $9,350 and $8,830.
The $9,600 level is crucial as it has been a stubborn point of resistance over the past six-months, causing sell-offs in both October and again more recently at the end of January.
If Bitcoin manages to bounce from the $9,600 region it would exemplify the strength in the market leading up to May’s halving event.
Block rewards for miners will be slashed from 12.5BTC to 6.25BTC per block, which has historically caused a spike in the price of all cryptocurrencies as supply begins to dry up while demand begins to rise.
It’s expected that traders will attempt to price in the upcoming halving, which could see Bitcoin rise back towards 2019’s high of $14,000.
Before that theory comes into fruition it needs to break above the $10,500 level while driving towards $11,000 and $12,300.
Bitcoin’s daily relative strength index (RSI) is also at a critical level of 52, which has been an ongoing point of support and resistance over the past 12-months.
The previous time the RSI fell to the level was on January 25, which preceded a 13% move to the upside in the following three days.
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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.
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