Bitcoin traded within a tight 1.47% range over the weekend as volatility and trade volume continues to grind to a staggering halt.
The lack of meaningful price action follows a period of intense volatility that saw Bitcoin plunge from $10,500 to $4,000 in a matter of weeks before bouncing back to $9,000 in April.
The current structure is eerily reminiscent to that in late 2018, when Bitcoin tumbled below the $6,650 level of support following months of sideways consolidation.
A break down in price from Bitcoin’s current price point, which is at $9,160, would be triggered if it closes a 12-hour or daily candle below the $8,830 level of support.
The $8,830 level is also just above the daily 200 moving average that has tormented a number of altcoins over the previous couple of months.
If Bitcoin can continue to consolidate above the 200MA over the coming weeks it may set itself up for a rally back to the $10,500 level of resistance.
However, it’s worth noting that $10,500 has been a point of rejection on three occasions since October, with Bitcoin suffering consecutive sell-offs of 36%, 56.86% and 14.43%.
Breaking above this level would indicate a change in behaviour among investors and traders, which could well lead to another bull market that was predicted earlier this year in the lead up to May’s halving event.
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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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