Bitcoin is currently trading in a consolidation zone around $35,000 after the volatility of Monday’s session begins to subside.
There is still a series of hurdles that Bitcoin needs to surpass before it regains its bullish posture, with the local high at $36,800 becoming a key level of resistance.
If Bitcoin can begin to close anything above a four-hour candle above the $36,800 level, it would pave the way for a new all-time high attempt above $41,000.
However, if Bitcoin faces a rejection from its current price point, it would indicate a period of exhaustion on the buyside, which will most likely lead to a slump back to test the $30,000 level of support.
Both the $27,900 and $24,100 levels of support remain relevant if a break of $30,000 is to come into fruition, but it’s worth noting that $30,000 will be heavily defended by those who originally purchased spot BTC at that level.
One slightly concerning point is that Bitcoin’s four-hour 22 exponential moving average has now crossed the 50 EMA to the downside for the first time since early December, with this suggesting that short term momentum is piling the pressure on a downside move.
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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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