Happy Birthday, Mr Cryptocurrency !! Bitcoin’s 10th birthday kicks off the week and the day again with a downturn, giving the wider crypto market an opportunity to get back on the horror train.
On that day, ten years ago, while global financial markets licked their wounds from the financial crisis that spanned everyone, Satoshi Nakamoto delivered Bitcoin. And its block technology has since been highlighted by some as the world’s most significant invention after the World Wide Web.
Unlike the 2008 collapse of the market and even the dot.com bubble a few years earlier, Bitcoin’s collapse attempts have largely failed, with Bitcoin and the broader market seeing a fairly substantial growth from their early days.
While the 2008 crash was a telling story for investors, who predicted that this upsurge would last forever, in a bold contrast Bitcoin’s story is a different case !! The main cryptoLite has provided more than lottery jackpots to many who have made enough fortune simply by sitting on their little investment and patiently waiting for the rally. And this is before considering Bitcoin’s billions of dollars and investments in other crypto-loops that have seen more than 1000% returns.
Thanks to Satoshi Nakamoto, today there are 2 086 crypto lows, with the total market capitalization currently at $ 202.87 billion, well below 817.82 billion in December last year. This is a pretty healthy size considering the youth of the Crypto market.
But for about two weeks, Bitcoin has been stuck in something like consolidation, still keeping the lower tops and bottoms on the daily chart. So in spite of the bulls’ release on October 15, the month will end with a beating victory. What, however, is it?
Within the day, BTC / USD is traded in a narrow range. Bulls would now have to overcome the upper limit of the field if they want to resume their forces. The first resistance is the current peak of $ 6,332, whose breakthrough may take the price up to test $ 6,450.
The Relative Power Index (RSI) and Momentum Indicator are neutral at the moment, which means that consolidation can be maintained, at least until European and American merchants join the game.
On the downside, the $ 6,200 support is likely to limit the drop for the time being. The market will need a right trigger or engine to expand sales to $ 6,100 and a $ 6,000 psychological (at 6,008.2 is also the bottom of August).
But whether we’ll have fireworks in the crypto market soon, there is hardly anyone to deny Bitcoin’s influence and blockchain technology on the world stage. If we look back over the past ten years, the way forward can be even more charming. We have not yet seen the cryptocurrency being dissociated entirely. On the contrary, most of the digital assets are tracked one another, despite the substantial varied product offerings and levels of success.
Regulating in general, the influx of institutional money, and the wider acceptance by both governments and regulators of Bitcoin and the crypto-lutes being here to stay and not only to fund the underworld will be the first step. This would undoubtedly lead to a broader acceptance of the mass spectrum of services and products. And as a result, they would take the market to a new era where companies like Kodak can eventually complete their transition from old to new.
Author: Silvia Velcheva
* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptographic data in the digital assets market or other financial instruments. The predicted predictions meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for marginal or crypto-lingual contracts poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.