Bitcoin is slowly but surely edging its way towards a major move in terms of price action as it continues to consolidate in a bullish manner beneath $10,000.
It has now been consolidating within this level since the beginning of May as hype surrounding the recent Bitcoin halving continues to subside.
Breaking out above $10,450 remains the key target to the upside as it has been a point of rejection on three occasions dating back to October.
As previously stated in Coin Rivet’s daily analysis, breaking above the $10,450 level of resistance would indicate a change in behaviour that would be suggestive of a bull market reversal.
If Bitcoin can lift itself into a bull market from here, coupled with the halving narrative and institutional investment, it could well find itself forming a new all-time high before the year is over.
However, a break down in price from here would demonstrate how the asset class simply isn’t ready the topple the magnificent feat in 2017 when it defied critics by surging to $20,000.
Levels of support remain at $8,830 and $7,800, although some analysts are predicting a correction to as low as $7,100 as this was the yearly open.
Much of it also depends on the upcoming path of the US stock market, which has bounced back from coronavirus-induced lows to form a new all-time high.
As Bitcoin is known as a hedge to the traditional financial system and fiat currencies, a period of economic downturn may be required for Bitcoin to truly come into its own.
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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.