Bitcoin endured its worst daily candle since September with a dramatic $1,000 sell-off within the space of 24-hours.
It is now trading below the $9,600 level of support-turned-resistance after dwindling all the way down to $9,350.
A breakdown in price from $9,350 will see a re-test of the 200 daily moving average, which is currently in confluence with the $8,830 level of support.
Bitcoin is now trading 9% lower than it was this time last week when it tested the $10,500 level as anticipation began to build around May’s halving event.
In May Bitcoin will undergo its third block reward halving in its history. This has historically caused a significant rally in the price of cryptocurrencies as supply dries up and demand steadily rises.
This is why the recent sell-off shouldn’t be a major cause for concern for traders and investors as, from a macro perspective, Bitcoin remains in a bullish posture both technically and fundamentally.
If Bitcoin can manage to close tonight’s daily candle back above $9,600 it would demonstrate a clear indication of strength that will most likely see it test the psychological $10,000 level over the weekend.
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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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