Bitcoin is enjoying a period of relative calm following a tremendous rally over the past month that saw it briefly eclipse its all-time high of $19,874.
The world’s largest cryptocurrency moves into the weekend facing short-term sell pressure, causing a three percent decline with Bitcoin currently trading at $18,900.
It does, however, remain bullish on all macro scales having recent printed the highest ever weekly and monthly close in its 11-year history.
Consolidation in this region is ultimately healthy, as it gives bullish investors a change to recharge their batteries before putting in fresh capital in an attempt to lift Bitcoin above $20,000.
But the eventual breakout above $20,000 won’t come easy. There is currently a 1,000 BTC sell order posted at the point of resistance on Coinbase, equating to $18.8 million.
If Bitcoin fails to achieve a higher high over the coming weeks it may set its sights on downside price targets like $17,110.
Bouncing off a level of support like this would provide another higher low, exemplifying the bullish narrative that surrounds the entire asset class.
It’s worth noting that Bitcoin is extremely volatile by nature and that even during its previous bull markets, corrections upwards of 30% are commonplace.
A correction of that magnitude from here would take price back to around the $13,500 level of support, which is untested since the break out on November 2.
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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.