Bitcoin remains in a bullish pattern moving into the typically low volume weekend as it continues to test the $10,000 level of resistance.
The world’s largest cryptocurrency, which now has a market cap of $176 billion, is currently consolidating at around $9,600 after surging by 11.18% since Monday’s halving.
Miners now receive 6.25BTC per block as opposed to 12.5BTC and while it might not have an immediate impact on price action, it is considered bullish from a macro perspective due to a lack of new supply.
Nicholas Pelecanos, Head of Trading at NEM Ventures, revealed that he expects increased volatility over the coming weeks due to miner fundamentals.
“In the event of a bull run, I would be looking for a move above $9,800. Long term, I’m extremely bullish on price, and in my opinion the fundamentals have never been stronger. Regardless of whether a sell off occurs, I believe once we cross this level, the trajectory is high.” He said.
A correction from here back below $9,000 would increase the bearish potential of a further pull back as it would mark a double top at $10,000.
However, the recent golden cross on the daily chart, as noted in this week’s Coin Rivet analysis, should provide momentum for a swift move back towards the psychological level of $10,000.
With the 50 exponential moving average moving above the 200 EMA for the first time since January Bitcoin could well make a charge for a new yearly high above $10,500 as fears around the coronavirus pandemic begin to subside.
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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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.