Bitcoin is experiencing extreme volatility on Monday morning following an undeniably bullish weekly close at $15,517.
The world’s largest cryptocurrency is beginning to take aim at the $16,000 level of resistance after consolidating above the $14,350 level of support.
If it breaks above $16,000 in the coming days it could well be the first domino before a new Bitcoin all-time high this year.
Taking out such a remarkable high just weeks after trading at $10,000 highlights how mature the recent Bitcoin price action has been.
Backed by record levels of institutional investment, Bitcoin appears to have truly become a viable investment option for hedge funds, family offices and investment banks.
This, coupled with PayPal’s decision to facilitate cryptocurrency trading, has opened the metaphorical floodgates to what seems like the first fully-fledged bull market since 2017.
However, while it’s clear that Bitcoin is in a bullish posture, a rejection from $16,000 could well pave the way for a corrective phase in the market, with the $13,865 level emerging as a potential target to the downside.
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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.