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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Bitcoin pricing
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About Bitcoin
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.
More BTC news and information
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
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.