Bitcoin is on the brink of a major breakout above $60,000 on the back of Visa and PayPal’s decision to make digital asset services more accessible.
The world’s largest cryptocurrency, which now has a market cap of $1.1 trillion, has risen by more than 17% since March 25’s low of $50,400.
At the time of writing it is trading at $59,450 as it begins to nudge convincingly towards its all-time high of $62,000.
From a technical level, if Bitcoin is dealt a rejection from the psychological level of resistance at $60,000, it will most likely come back down to re-test the level of support at $57,500.
However, a breakout on convincing volume could trigger a clear drive to a new all-time high, with fibonacci extension levels hinting towards a $72,000 price target.
Bitcoin’s perceived adoption among mainstream payment companies has fueled this recent rally, although it’s worth noting that institutional investment is also at an all-time high, with Tesla investing $1.5 billion in January.
It’s also worth noting that retail attention has been far lower than in 2017, indicating a maturing of the asset class away from the hype-driven ICO bubble.
Sentiment remains frothy and it’s important to point out that throughout its 11-year history, Bitcoin has always fallen from a bull market before reversing into a gruelling bear market that can last for a number of years.
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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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