Bitcoin has suffered a momentary lapse in its pursuit for a $10,000 valuation after a panicked sell-off to $9,200 yesterday evening.
The move to the downside was as a result of 50BTC being moved from a wallet that has seemingly been dormant since 2009, stoking fears over whether Satoshi Nakamoto had begun to access his stash of Bitcoin.
From a technical perspective Bitcoin did well to recover and continue trading above the $9,300 level of support, with a break down in price being prevented in the short term.
However, as Bitcoin continues to consolidate around the current level of support it won’t take a lot of bearish pressure to push it back down to $8,830.
Corrections are undeniably expected especially when dealing with assets as volatile as Bitcoin, with some traders predicting a slump to as low as $7,100.
A move of this magnitude would be a shock to investors and traders who were hoping that the recent block reward halving would act as a catalyst for a bull market, although it’s worth noting that Bitcoin has rallied by 112% in the past two months, demonstrating a clear uptrend.
If Bitcoin can manage to claw its way back to $10,000 and potentially above the yearly high at $10,500 it would be a clear indication of strength as it would mark the first lower high since May, 2019.
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Bitcoin pricing
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About Bitcoin
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.
More BTC news and information
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
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.