Bitcoin has suffered a slight pullback following a quite remarkable rally over the past four days.
The world’s largest cryptocurrency is currently trading at $43,400 after spiking all the way to $45,500 overnight.
It now needs to ensure that the $42,500 to $43,000 region becomes an area of support, which will subsequently act as a base for continuation to the upside this month.
Although there has been no major catalyst to spark the recent rally, the volume and velocity of the move has been convincing.
This puts Bitcoin in a particularly uncertain position, it remains in a downtrend on higher time frames but the lower time frames want to push higher.
It’s worth noting that following the touch of $45,500 overnight, the relative strength index (RSI) had printed several points of bearish divergence to indicate a period of bullish exhaustion.
This pullback can be considered bullish in many respects as it gives an opportunity for the market to cool off before heading higher.
It is also possible that this recent move is a conniving bull trap that will lull traders into a false sense of security before resuming the sell-off below $40,000.
A break of $40,000 over the coming days would be extremely bearish and it would bring price targets of $30,000 back on the table.
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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 BTC. 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 BTC network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
More BTC news and information
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