Bitcoin remains in a horrendously low-volume period of price action as volatility slumps to its lowest levels since November 2020.
At the time of writing, Bitcoin was trading at $34,300 having ground out the lower time frame range between $33,000 and $36,000 with numerous stabs at both the upside and downside.
All higher time frames continue to paint a bearish view on Bitcoin, with the recent daily death cross heaping pressure on the bulls, who are slowly but surely running out of ideas as they attempt to cling on to the $30,000 level of support.
With volatility and volume subsiding, the current market structure is eerily reminiscent to that of 2018, when Bitcoin entered an 18-month bear market which saw its price fall from $20,000 to $3,150.
If Bitcoin follows a similar pattern to 2018, it will likely test well below $20,000 this cycle, with several indicators pointing out the $16,000 level as a key area of confluence.
However, while Bitcoin remains bearish on all time frames, it’s worth noting that there is a non-zero probability that it will wriggle its way out to safety, with a $41,000 level of resistance becoming the initial hurdle.
If Bitcoin can break above $41,000 and begin to close daily candles above the recent death cross, it would indicate that short term momentum is up, and that even a test to the $49,000 level could be on the cards.
Short term levels of support remain at $33,400, $33,000 and $32,800, while points of resistance to the upside continue to stand firm at $35,800 and $36,500.
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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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