Bitcoin (BTC) is digesting the previous week’s sales well for now and is rising further northwards in the final hours of trading. Moreover, Bitcoin dominance can prevent the formation of a new annual low for the time being.
Currently, Bitcoin price is $60,951.0 with a market capitalization of $$1,158,412,531,102, putting it in position 01 of the global cryptocurrency rankings.
History of bitcoin
Satoshi Nakamoto, a pseudonymous person, became known in 2009 as the creator of Bitcoin. As it turned out, his creation of a blockchain-based currency that ensures maximum transparency and security at the same time as simultaneously being scientific was regarded as highly “INCREDIBLE” and caused a great deal of turbulence during ICO pricing!
A Bitcoin transaction is verified and added to the system through the mining process, which releases it into circulation.
Also Read: The First Crypto Miner ETF Reveals in Australia
Bitcoin Price Prediction 2021
Currently, there is a level of resistance at $62,702.8, the next resistance will be $64,159, and a strong support level will be $59,659.3 and afterward $58,202.6.
If Bitcoin price fails to break through this resistance level, the price may retest the current support levels before further descending to the next support level of $59,659.3. A break of this level may lead Bitcoin to move down further to $58,202.6.
It’s apparent that Bitcoin price is likely to move upwards from its current level, with bullish indicators showing. The Bitcoin price will likely move towards $64,159 in the near future.
Bitcoin Recent updates
- A total of 9,000 BTC were added to MicroStrategy’s stash last quarter, bringing its total to $7 billion:
On Oct. 28, the company announced the purchase of 8,957 BTC in its Q3 report. Michael Saylor, perma-bull’s CEO, claimed there will be more BTC acquisitions to come. As of Sept. 30, the total Bitcoin holdings of the firm stood at 114,042 with an average purchase price of $27,713, or a total of $3.16 billion.
- Hodling rate reaches 9-month high in anticipation of Bitcoin rally to $70K:
In its latest report, blockchain data analytics service remarked on Oct. 28 that the amount of “lost or hodled coins” had risen by more than seven million BTC to a nine-month high.
- New high in bitcoin hash rate as effects of the mining ban in China begin to subside:
There has been a dramatic increase in the hash rate from its lowest point several months ago. A similar rise in mining difficulty is expected next week, pushing it within 4 trillion of its 25 trillion record high.
