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Bitcoin price hits $14,000 exactly 12 years after whitepaper released - Cointelegraph
Bitcoin price hits $14,000 exactly 12 years after whitepaper released - Cointelegraph |
- Bitcoin price hits $14,000 exactly 12 years after whitepaper released - Cointelegraph
- This is the last major hurdle before Bitcoin price can target $20,000 - Cointelegraph
- Bitcoin Price Slips Below $13K as Stocks Slide - CoinDesk
| Bitcoin price hits $14,000 exactly 12 years after whitepaper released - Cointelegraph Posted: 31 Oct 2020 04:05 AM PDT The price of Bitcoin (BTC) surpassed $14,000 on Oct. 31, the day Satoshi Nakamoto released the Bitcoin whitepaper in 2008. Since then, the world's biggest cryptocurrency has seen remarkable and exponential growth across various areas.  Fast forward 12 years, since the October 31, 2008 release of the whitepaper, Bitcoin is in a different growth trajectory. An institutional craze is leading the BTC rally, major financial institutions are supporting crypto assets, and the market has become increasingly liquid. Post-halving bull cycle meets Bitcoin 12-year anniversaryThe 12-year anniversary of the Bitcoin whitepaper is particularly special for Bitcoin because it marks the third post-halving cycle. Every four years, Bitcoin undergoes a block reward halving, which cuts the rate at which new BTC is mined by half. This happens because 21 million BTC can ever exist on the blockchain. As BTC approaches its fixed supply, the rate of production gets slowed. A halving historically has had a positive impact on the price of Bitcoin. It reduces the pace a new BTC supply is introduced to the market. Consequently, every four years, there is less BTC flowing into the exchange market. The 4th, 8th, and the 12th anniversary of Bitcoin are more noteworthy than other anniversaries for this reason. It coincides with a post-halving cycle, as the latest halving occurred in May 2020. The historic prices of Bitcoin on "whitepaper day" have seen considerable growth over the past decade. For example, in 2013, BTC price was just $204. In 2014, it reached $338m; 2015 - $314; 2016 - $700; 2017 - $6,468; 2018 - $6,317; and $9,199 in 2019. BTC price rejected at $14,100Across major exchanges, the price of Bitcoin reached a peak of $14,100 and saw an immediate rejection on Saturday, Oct. 31. Most of the selling pressure came from Binance, which caused the price to quickly fall by 3% within minutes. Prior to the rejection, massive buy walls on Huobi and Binance initially pushed BTC upwards. There was a 1,371 BTC buy wall on Binance at $13,680 and another big buy wall at over $13,800 on Huobi. A pseudonymous Bitcoin trader known as "CL" said it was the "biggest buy wall on Huobi I've seen in a long time." But as BTC surpassed $14,000, traders on Binance began to sell large amounts of BTC in a short period. Prior to BTC's upsurge to $14,100, tech investor and Cointelegraph Markets contributor, Keith Wareing, wrote:
What happens next?When the price of Bitcoin surges rapidly and violently rejects, traders describe the pattern as a "darth maul candle." After such a large spike in volatility, Bitcoin tends to stabilize and consolidate. Considering that $14,000 is a crucial resistance level, BTC would likely consolidate under $14,000 and continuously attempt to break out. CryptoQuant, the on-chain market data provider, has been pinpointing that Bitcoin exchange deposits have been declining. That typically indicates declining selling pressure, particularly among retail investors and whales. According to Ki Young Ju, the CEO of CryptoQuant said the trend is considered a "long-term buy signal." The lack of intent to sell from investors on exchange indicates that a prolonged uptrend has become more likely. An optimistic market sentiment supplemented with strong fundamentals and various positive technical factors is only fitting on Bitcoin's 12th anniversary.  |
| This is the last major hurdle before Bitcoin price can target $20,000 - Cointelegraph Posted: 27 Oct 2020 10:07 AM PDT Bitcoin (BTC) price has been showing impressive strength in the previous weeks and today the price made a new 2020 high at $13,666. This momentum was made alongside weakness in the U.S. dollar and many analysts believe that as long as the dollar remains weak, Bitcoin and other safe-haven assets will do well. However, as Bitcoin shows strength, altcoins are failing to follow suit and most altcoins are selling off against BTC. Bitcoin's dominance rate has been rising in the previous weeks and this shows that the market's momentum is based around Bitcoin. Traders expect resistance between $13,500-$14,000 The weekly chart shows a clear resistance zone between $13,500-$14,250 as the next big hurdle for the markets. The price of Bitcoin broke through the $11,600-$12,000 barrier as the crucial barrier for further upward movement. This breakthrough caused the price to continue rallying toward the next hurdle, which is between $13,500-$14,250. It's not likely to anticipate an apparent breakthrough in one-go as it's the first test of this resistance zone, but the overall weakness of the dollar is signaling that the price of Bitcoin could only run higher. U.S. dollar weakness is propelling the Bitcoin rally The U.S. Dollar Currency Index (DXY) is currenlty showing significant weakness after the last test of the 94.6 points level was instantly rejected. This rejection caused DXY to drop down further. More importantly, since the rejection occurred on Sept. 24, Bitcoin's price started to rally. This rally increased the price of Bitcoin by $3,000 as it rallied from $10,500 to $13,500. The correlation between DXY and Bitcoin has increased since the March crash and this is an inverse correlation. If the dollar holds the 92.50 area for support, there's a potential likelihood of a reversal on the price of Bitcoin as well. This would mean a correction in the crypto markets, which isn't bearish at all. Total market cap still faces resistance The crypto total market capitalization is lagging behind Bitcoin's strength, as BTC is the only one showing strength recently. This means that altcoins are seeing a selloff in their BTC pairings, further showing that Bitcoin is currently more robust than altcoins. Currently the total market capitalization is in a massive resistance zone, as the $400-$410 billion level is a crucial pivot. A breakthrough in this resistance zone would mean continuation to $520-$530 billion is likely to occur. A rejection here would mean a further range-bound construction, through which the $280-$300 billion areas is a significant support zone to hold. Potential scenario for Bitcoin The primary pivot for Bitcoin right now is whether it can hold the $13,000-$13,200 area for support. If that area warrants support, then the recent breakout can't be classified as deviation above the range high. However, if Bitcoin's price fakes out above $13,500 and drops back into the range, the deviation is confirmed by a bearish retest of the $13,000-$13,200 area. If this scenario plays out the way it should, retests of $12,500 and potentially $12,000 or $11,600 are on the tables. Obviously, such a move is lining up with a potential reversal on the U.S. Dollar Currency Index and the failure of Bitcoin to breakout above $14,000. Once again, such a retest is not bearish. It's very healthy to test previous resistance levels for support before continuation to the upside can occur. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.  |
| Bitcoin Price Slips Below $13K as Stocks Slide - CoinDesk Posted: 28 Oct 2020 07:34 AM PDT [unable to retrieve full-text content]Bitcoin Price Slips Below $13K as Stocks Slide CoinDesk  |
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