Bitcoin is beginning to build a key level of support above the $10,920 level after surging by 21.36% over the past week.
The head honcho of cryptocurrencies has, however, begun to lose momentum against a number of altcoins with the likes of XRP and Litecoin performing well.
Bitcoin dominance in terms of market cap is down to 62.6% despite being as high as 65.09% in June as capital begins to flow back into more the speculative altcoins.
With Bitcoin currently trading at $11,115 it remains in a bullish posture as we edge closer towards the monthly candle close.
After opening the monthly at $9,150, closing above $10,920 would be the highest point a monthly candle has closed since its all-time high in December 2017.
This would not only cause waves of optimism amongst seasoned traders but also retail investors, many of whom have been waiting for almost three years for Bitcoin to return to its once dizzying heights.
Despite all signals pointing to bullish continuation in the coming weeks, it’s worth noting that price corrections are expected along the way, with a drop to as low as $9,400 not being as unlikely as many may think.
When Bitcoin enters a bullish phase in the market, volatility is maximised which typically pulls liquidity from order books. In 2017 this is what caused two-thousand Dollar price movements in a single day as order book supply simply wasn’t enough to keep up with retail demand
The rise in popularity of DeFi projects may also play a huge factor in the potential bull market much in the same way as ICOs did in 2017, as investors will typically take profits from speculative bets back into Bitcoin.
Upside price targets remain at $11,450 and $12,4000 while levels of support remain at $10,550 and $9,750.
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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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