Bitcoin goes into the weekend after an extraordinary week of price action that has seen it defy all odds by testing the $9,600 level of resistance.
The world’s largest cryptocurrency seems to be rallying going into the halving event, which is now just 10 days away.
If Bitcoin can manage to float back above the $9,600 level and close the weekly candle at around $10,000 it would confirm a bullish breakout above a two-year level of resistance, indicating strength and momentum leading into the rest of the month.
The diagonal trendline dating back to December 2017 suppressed price action during the $14,000 high in 2019 as well as the $10,600 high earlier this year.
This means that it will need a significant injection of volume and open interest in order for a break out to come into fruition while it also presents a notable opportunity to open a short position.
Historically Bitcoin has needed to undergo corrections in order for rallies to be sustained, so what we might see over the coming week leading up to the halving is a period of consolidation before it decides its next direction.
Levels of support that should bolster Bitcoin’s bullish posture remain at both $8,650 and $8,400, although it wouldn’t be unimaginable to see it retest the daily 200MA at $8,000.
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About Bitcoin
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.
More BTC news and information
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.