Bitcoin has resiliently remained above the $7,000 level of support over the weekend as it sets it sights on a potential breakout this week.
The world’s largest cryptocurrency has enjoyed a period of relative calm during the past fortnight as it continues to trade within a tight range between $6,600 and $7,400.
It’s been a far cry from price action last month which saw Bitcoin lose more than 50% of its value as it went from $9,200 to $4,000 in less than a week as Coronavirus fears gripped global markets.
However, since then Bitcoin seems to be in a bullish trend as it has surged by 81%, although it has printed a rising wedge pattern in doing so.
A rising wedge is defined by consecutive lower highs and higher highs on low time frames and it typically concludes with a move to the downside.
The apex of the pattern, as detailed in the chart above, is in line with next month’s Bitcoin halving that will see block rewards for miners slashed from 12.5 BTC per block to 6.25BTC per block.
Bitcoin bulls believe that the halving will be the catalyst for a new cryptocurrency bull market while sceptics predict that it will have the opposite effect, leading to the theory of miners capitulation.
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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.