Bitcoin has continued to trade within a tight range around $10,500 since yesterday morning’s break down in price from $11,000.
The world’s largest cryptocurrency, which now commands a market capitalisation of $193 billion, remains bullish from a macro perspective despite lower time frames beginning to indicate a further correction.
Bitcoin’s current level is vitally important as this was a point of resistance on numerous occasions since an initial rejection last October.
It took 10 months for Bitcoin to finally break above $10,500, with the rally being extended to as far as $12,500.
If it can continue closing daily and weekly candles above $10,500, it would demonstrate that it is currently a key level of support, which will most likely provide a platform for a bounce back into the $11,000 region in the coming weeks.
It’s also worth noting that the amount of recent buys in the $9,800 region coincide with the daily 200 exponential moving average (EMA), which has been a key level of support and resistance throughout the history of Bitcoin price action.
While the daily relative strength index (RSI) had been printing bearish divergence against Bitcoin’s price in August, it seems to have levelled out now into a neutral zone.
Bitcoin bulls will be hoping that a delayed impact from this summer’s halving event will have a part to play in its trajectory this winter, which will mark three years since its previous all-time high of $20,000.
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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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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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