The 27,000 USD withstood the assaults. Bitcoin (BTC) remains confined to the $ 26,000 – $ 27,000 zone as of today, December 29, 2020. This indicator points to a bullrun for a long time. Today’s Bitcoin has grown significantly since it was first introduced over 11 years ago.
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A monthly close above 80
Bitcoin attacked twice the $ 27,000 today, each time encountering strong selling pressure.
The rejections caused the BTC at the $ 26,000 level before rebounding. Support appears to have formed around the 5-day moving average of Bitcoin which comes to around $ 26,230. Bitcoin is trading at $ 26,608 at the time of writing.
The monthly RSI (14) of Bitcoin passed 80. Historically, crossing this level was followed by a rally.
Technically, the markets BTC are now admittedly overbought on a monthly basis, but this situation tends to continue over a long period during a bull run.
However, some traders remain cautious, indicating that a single indicator cannot be sufficient to predict the price of BTC.
Historic 10 BTC: 11 years of Bitcoin adoption
The adoption of Bitcoin continues to increase. According to data from Glassnode, the number of transactions recorded on the network BTC has just passed the 600 million mark.
On January 12, 2009, the first transaction of 10 BTC takes place between Satoshi Nakamoto and Hal Finney. Water has flowed under the bridges ever since. The network BTC currently records an average of 300,000 confirmed transactions.
Bitcoin is now more suitable for large transactions than micro-payments because of the transaction fees.
Data from Bitinfocharts indicate that the average value of a transaction BTC is currently around $ 127,000 – we are far from the price of a cup of coffee.
Will we be entitled to a remake of the scenario of December 24 and 25, 2020, for the New Year’s Eve 2020 and the beginning of the year 2021, with a drop until December 31, 2020 before the crossing of major supports on January 1, 2021, then quickly reach new ATH? Bitcoin strengthens its foundation with a continually increasing adoption rate. Is Bitcoin a Currency? We just admire the fireworks display due to an explosion in its price for the moment.
Litecoin, welcome in the Silver Age