Bitcoin continues to grind against the $7,450 level of resistance ahead of the typically low volume holiday weekend.
The period of relative calm comes after a volatile month that saw Bitcoin slide all the way to $3,600 on certain exchanges before recovering significantly.
However, it initially needs to break above $7,450 to demonstrate bullish momentum with an upside price target continuing to emerge around the daily 200 moving average at $8,080.
The daily relative strength index (RSI) is also at a critical level of 56.22, which is the highest it has been since 24th February, when Bitcoin was trading at $10,000.
A rejection from here in terms of the RSI and price will likely cause a continuation of the macro downtrend with Bitcoin looking like it may re-test 2018 lows of $3,150 before a potential reversal.
While it’s true that previous halving events have led to a new Bitcoin all-time high, it historically doesn’t happen for at least six to twelve months after the event itself, meaning that if the theory comes to fruition, Bitcoin won’t break $20,000 until 2021.
Over the weekend Bitcoin needs to avoid breaking back below $6,800 as it tries to force a breakout to $8,000, key levels of resistance to look out for above $8,000 are at $8,475 and $8,830.
Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
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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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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.