Bitcoin’s recent relief rally is currently being halted by the four-hour 200 moving average, with price sliding by 1.57% since yesterday’s daily candle close.
At the time of writing Bitcoin is trading at $9,244, which is 3.87% higher than July 5’s low of $8,906.
It has now endured its least volatile period since September 2018, with price being confined to a $1,200 range since the end of April.
What followed the sideways period in late 2018 was a gruelling 50% correction that plunged Bitcoin to a dramatic low of $3,150, which prompted several traders to exit the markets out of fear the world’s largest cryptocurrency was going to zero.
It did, however, eventually bounce back with a vengeance, as six months later Bitcoin rose to an 18-month high of $14,000.
This is why on both lower and higher time frames Bitcoin may well be setting itself up for one final correction to as low as $5,500 before it can establish a platform for the next bull market, which would tie into the stock-to-flow model relating to the recent Bitcoin halving.
In the short term levels of support remain at both $8,830 and $8,415, which is in confluence with the daily 200MA, while to the upside key points of resistance to break are at $10,000 and $10,500.
Being able to break $10,500 following such a lack of volatility could well create a narrative around a potential new Bitcoin all-time high in Q4 of this year, three years after it topped out at $20,000.
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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. We do not give advice on financial products.