Bitcoin is currently holding firm above the psychological level of support at $10,000 despite facing a wall of sell-pressure since the turn of the month.
At the time of writing the world’s largest cryptocurrency by market cap is trading at $10,190 after bouncing from $9,981 earlier today.
While the level of support remains relatively strong, Bitcoin needs to break above $10,600 to trigger a bullish reversal, which would be a continuation of the trend dating back to late July.
However, a distinct lack of trade volume and momentum means that the most likely scenario is a break below $10,000 to test that $9,100 level that suppressed price action for four months between April and July.
Falling to this point certainly isn’t as bearish as some might think, as these levels didn’t get a bullish re-test following the breakout in July.
From a macro perspective Bitcoin closed its highest weekly candle since January 2018 last month, which suggests that a significant rally by the end of this year is still on the cards.
If it can continue to consolidate above $9,100 over the coming weeks it would add emphasis to the bullish narrative, which ties into the recent block reward halving and flailing US Dollar.
Another pivotal point to look out for is the daily 200 exponential moving average, which is currently residing at $9,670. This has been a notable point of support and resistance throughout Bitcoin’s lifespan, thus providing an important spot for a bounce.
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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.