Bitcoin is currently grinding along the $11,350 level of support after successfully breaking out above $11,000 last Thursday.
The world’s largest cryptocurrency entered a new bullish phase after it emerged the Square, a company founded by Twitter creator Jack Dorsey, had invested $50 million into Bitcoin.
This followed MicroStrategy’s public foray in to the world of digital assets, with CEO Michael Saylor openly admitting to a $425 million investment.
As institutional players continue to dabble in the potential of Bitcoin, retail investors in the UK were dealt a blow last week when it emerged that derivatives platform BitMEX would not be available from next January following swift action from the FCA.
Bitcoin showed strength in response to the BitMEX news as it absorbed an initial period of sells before bouncing towards $11,000.
From a technical perspective, the daily relative strength index (RSI) has continued to rise into the bullish control zone, while the four-hour RSI is beginning to show signs of bearish divergence.
A break above $11,500 within the next week would see Bitcoin most likely go on to re-test the range of resistance between $11,850 and $12,000, which was a point of rejection throughout August.
If Bitcoin fails to break above $11,500 it will re-test the $11,000 level of support before it decides to undergo continue to the upside or a corrective move to the downside.
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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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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
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