Bitcoin is on the brink of a major breakout above a key level of resistance after it tested $9,400 again yesterday evening.
All of the dominoes have seemingly fallen into place for Bitcoin as it approaches its third block reward halving in 11 years, with several analysts claiming that it will act as a catalyst for another bull market.
The crucial level of resistance to look out for is $9,550 as this dates back to the $20,000 top in December 2017 with rejections coming along the way at $13,150, $12,500 and $10,500.
Being able to close a daily or weekly above $9,550 would signify a clear shift in the market from in May when Bitcoin fell to as low as $3,850.
If a move to the upside happens this weekend it would indicate a period of bullish trading over the coming weeks with targets beginning to emerge above $13,000.
However, a breakout is by no means a matter of certainty as bearish pressure remains rife in the $9,400 region, as demonstrated during yesterday’s daily candle close.
This could mean that while several factors are pointing towards a bullish break of $9,400 and $9,550, a rejection would cause a gruelling correction back down to the $8,830 level of support.
Another thing to be cautious of is the amount of positive and euphoric sentiment moving into the halving, this could act as a counter indicator especially if Bitcoin doesn’t rally in the days following the event.
With so many traders and investors expecting that Bitcoin will rise a correction to the downside would be far more painful, especially with a mounting number of leveraged long positions being trapped above $9,000.
For more news, guides and cryptocurrency analysis, click here.
Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
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.
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
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.
Those who enter the market at this time may be surprised to hear that Bitcoin…
George Town, Grand Cayman, 22nd November 2024, Chainwire
Las Vegas, US, 1st November 2024, Chainwire
From digital art to real-estate assets, NFTs have become a significant attraction for investors who…
Singapore, Singapore, 21st October 2024, Chainwire
HO CHI MINH, Vietnam, 17th October 2024, Chainwire