Bitcoin is currently trading back below $35,000 following a five percent sell-off from the $36,550 level of resistance overnight.
The world’s largest cryptocurrency remains in a short to medium term up-trend from $30,000 having formed consecutive higher highs and lower highs.
However, if Bitcoin begins to close four-hour candles below $33,800, it would take out the previous lower high to thrust itself back into a bearish posture.
It is worth noting that Bitcoin has recently endured a daily death cross, which is where the 50 exponential moving average crosses the 200 EMA to the downside, for the first time since March, 2020.
This is typically a bearish signal on a macro scale, with several analysts now suggesting that Bitcoin is entered a bear market following a bull cycle that saw it eclipse a record high of $65,000 earlier this year.
From a techincal perspective, short-term levels of support remain at $34,250, $33,800 and $33,400, although a break of those levels could well indicate an upcoming move to the bottom side of the range at $30,000.
If Bitcoin can regain the $35,400 level it will likely move back up to test the $36,400 point of resistance, which is where price broke down from on June 19.
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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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