Traders are becoming frustrated at the lack of volatility and subsequent lack of trading setups for Bitcoin this week as it continues to stagnate above the $9,000 level of support.
The world’s largest cryptocurrency has endured one of its most stable periods in more than a year following explosive months of price action in February, March and April.
With the hype now seemingly subsiding from the previously highly-anticipated halving event in May, Bitcoin needs another catalyst before it can make a major move to the upside.
The two key points of resistance to the upside remain at both $10,000 and $10,500, the latter of which has been a point of rejection on three occasions in October, February and May.
With Bitcoin seemingly running out of steam a break down in price seems most likely in the short term, with downside price targets emerging at $8,830, and $7,800, although the daily 200MA will also likely provide a level of support at $8,379.
Trade volume has been in a dramatic down trend since the Bitcoin halving in early May, which demonstrates how interest has waned since the event.
From a bullish perspective the fact that Bitcoin continues to trade above $9,000, which is a historical level of resistance dating back to the 2018 bear market, is a positive as it attempts to establish a base for a rally in the later stages of 2020.
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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.