Price of Bitcoin continues to be in a bullish posture following a remarkable monthly close at $13,850, which is a question of basis points away from its highest ever month close.
Bitcoin Value activity has become bolstered by PayPal’s recent announcement that it will start facilitating cryptocurrency buys and also sells.
This followed an influx of institutional investment earlier this year, with MicroStrategy buying $475 million worth of Bitcoin in September before Square invested $50 million itself.
With all fundamental variables now apparently in place, out of a technical point of view Bitcoin is actually in an even stronger position with the previously stubborn $13,000 level of resistance now ending up as a degree of support.
However, it’s worth noting that even during 2017’s sensational bull market, short-term sell-offs happen more frequently.
This’s usually due to high net-worth traders taking earnings, which results in a cascade in liquidations as well as sell orders from those employing top leverage.
At this point, even if Bitcoin Price suffers a sell-off to $12,600 it will continue in a bullish long term position, however, it is worth taking into consideration that the upcoming US election may cause volatile swings across all global markets. Read:
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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 exactly who people, or this person, are.
The paper outlined a method of making use of a P2P network for electric transactions without relying on trust. On January three 2009, the Bitcoin network came into existence. Nakamoto mined block number zero (or the genesis block), which had a reward of 50 Bitcoins.