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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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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