Bitcoin is edging towards a long-awaited breakout above the $10,930 level of resistance after surging by 1.95% from yesterday’s low of $10,677.
The world’s largest cryptocurrency has been trading beneath $10,930 ever since the break down in price on September 21.
The most recent price hike comes after a week of consolidation that saw Bitcoin struggle to pick up meaningful trade volume or momentum.
However, an overnight surge in trade volume across all major exchanges resulted in a swift switch in sentiment, which in turn prompted a move to the upside in terms of price action.
When examining the daily relative strength index (RSI), it was clear that between July 28 and September 1 there was worrying signs of bearish divergence as price traded in a sideways formation.
This time around, The RSI has been creeping up a faster rate than the price, indicating small signs of hidden bullish divergence which could well lead to a break up in price.
Three years ago Bitcoin was on the brink of rallying to its all-time high of $20,000 as excitement around ICOs and altcoins reached a notable crescendo.
DeFi has effectively displaced the ICO boom of three years ago, with investors now flocking to decentralised exchanges like Uniswap to pick up yield farming tokens like YFI and CORE.
Once investors take profits on these type of tokens, capital will often flow back into Bitcoin before it can enjoy a rally to the upside itself.
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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.