Bitcoin remains in a bullish posture following a remarkable monthly close at $13,850, which is a matter of basis points away from its highest ever monthly close.
Bitcoin’s recent price action has been bolstered by PayPal’s recent announcement that it would start facilitating cryptocurrency buys and sells.
This followed an influx of institutional investment earlier this year, with MicroStrategy buying $475 million worth of Bitcoin in September before Square invested $50 million itself.
With all fundamental variables now seemingly in place, from a technical perspective Bitcoin is in an even stronger position with the previously stubborn $13,000 level of resistance now becoming a level of support.
If Bitcoin can establish a platform in this region it will almost certainly make a move towards a new all-time high before the year is over.
However, it’s worth noting that even during 2017’s sensational bull market, short-term sell-offs occur more often.
This is typically due to high net-worth traders taking profits, which leads to a cascade in sell orders and liquidations from those using high leverage.
At this stage, even if Bitcoin suffers a sell-off to $12,600 it would remain in a bullish long-term position, although it’s worth considering that the upcoming US election may cause volatile swings across all global markets.
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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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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.