Bitcoin is remaining defiant below the $12,000 level of resistance following a volatile weekend of price action that saw it slump to $11,665 before making a move back to $11,986.
The world’s largest cryptocurrency remains in a bullish formation on both lower and higher time frames following a 29.51% surge since July 21.
However, if Bitcoin faces another rejection from the $12,000 level it will likely pave the way for a corrective move to the downside, with price targets emerging at $11,428 and $10,920.
A potential sell-off may also be extended as a result of the current market dynamics around DeFi projects, with investors using high levels of leverage on relatively illiquid tokens.
This means that if there is a sell-off in major assets like Bitcoin and Ethereum, a cascade of liquidations will be caused across all subsidiary markets, which would in turn drive price action lower.
If Bitcoin breaks out above $12,000, as several analysts predict, it would be another indicator of a fully fledged cryptocurrency bull market, with forecasts beginning to predict a new all-time high for Bitcoin before the end of the year.
This would also cause a reaction across the market with altcoins like Litecoin, Bitcoin Cash and EOS all expected to rise to dizzying heights not seen since 2017.
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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.