Bitcoin struggled to break out above $10,000 overnight despite an influx of trade volume across all major exchanges.
However, the recent golden cross will likely provide Bitcoin with the momentum to trigger a major breakout over a typically volatile weekend.
The 50 exponential moving average crossed the 200 EMA to the upside for the first time since April 2019, which is a clear indication that Bitcoin is in a bullish trend.
A break above $10,000 would confirm this leading up to May’s halving event, which will see block rewards for miners slashed from 12.5 BTC per block to 6.25 BTC per block.
From an economic standpoint miners will now be incestivised to hold on to the extra Bitcoin being mined leading up to the halving, thus reducing supply amid mounting demand.
This, coupled with Bitcoin forming its first higher high since last May, demonstrates just how bullish the world’s largest cryptocurrency is currently.
The higher high is incredibly significant as it snaps the trend of four consecutive lower highs since June’s $14,000 high, with Bitcoin facing rejections at $13,200, $12,300, $10,900 and $9,650.
There has also been a rally in a number of the top altcoins, which is typical of a cryptocurrency bull market.
Historically, traders have profited from volatile altcoin investments with a trade back to the Bitcoin trading pair, thus effectively buying back Bitcoin with the profits.
This has often caused a subsequent surge in the price of BTC, which is what will likely happen this weekend as altcoins begin to sell off.
Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
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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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.