Bitcoin moves into the typically volatile weekend on the back of a 14.69% correction that saw it slump from its recent peak of $19,400.
The world’s largest cryptocurrency is facing a wrath of sell pressure from this morning’s Plus Token news, which saw Chinese authorities seize $4.2 billion from the alleged ponzi scheme, as reported by The Block.
However, some are assessing the seizure as a positive, as it means that the Chinese government are now in control of 1% of Bitcoin’s circulating supply.
In terms of price action, Bitcoin fell sharply to the $16,500 level of support on the news before recovering to around $16,850 at the time of writing.
As noted in Coin Rivet’s analysis on Wednesday, the $16,500 level is a key pivot point as it was the high on November 12 before it plunged back to $15,750.
With both the weekly and monthly candle closes coming up, it is important that Bitcoin establishes a level of support above $16,500 in order to set up another attempt at an all-time high in September.
Failing that, as long as the monthly closes above $14,000 it will mark the highest close in Bitcoin’s history, reinforcing the bullish narrative of the past few months.
In the short-term Bitcoin remains volatile due to a lack of liquidity across order books, which means price could float back $17,500 to trade within a $1,000 range over the weekend.
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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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