As it approaches the big $60,000 resistance mark, Bitcoin remains locked in a tight trading range between $56,400 and $59,700.
The world’s most valuable cryptocurrency remains well below its April high of $65,000, which was set in anticipation of Coinbase’s direct NASDAQ listing.
Although Bitcoin’s price has stayed relatively steady, the altcoin market has exploded, with Ethereum’s value nearly doubling in just 16 days.
Profits are typically rotated back into Bitcoin when Bitcoin trades sideways while altcoins rise, putting upward pressure on the price.
It is currently trading at $57,200, down 4.81 percent from its overnight high of $59,700, following a flurry of leveraged short orders near $60,000 on derivatives exchanges.
If the $56,400 level of support is breached in the coming days, downside price targets of $55,800 and $53,800 may emerge, though it’s worth noting that the bullish structure of altcoins will undoubtedly aid Bitcoin when it dips.
In August 2008, the domain name bitcoin.org was registered. A paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was published on October 31, 2008. Satoshi Nakamoto, the Bitcoin creator, wrote this. As of now, no one knows who this guy, or people, is.
The Bitcoin network was founded on January 3, 2009, and the paper outlined a method for conducting electronic transactions over a P2P network without relying on “trust.” Nakamoto mined block number “0” (also known as the “genesis block”), which had a reward of 50 Bitcoins.