The world’s flagship crypto seems to be on the rise, as it recently experienced a price increase.
This feat was triggered by the price volatility recorded throughout the previous week with U.S Federal Reserve Chairman’s speech at Jackson Hole and the recent expiration of some BTC futures
At the time this report was drafted, BTC was trading at around $11,600, with a daily trading volume of about $19 billion.
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This recent price upgrade recorded reveals the bulls have been able to keep the price away from its previous resistance level ($11,500) as crypto traders and investors now shift their focus on the $12,000 price level.
However, since the previous fake breakout recorded above $12,000 price level about three weeks ago, the recent price momentum seems to suggest a price rejection could occur in the near time as BTC price touches the $11,700 price tag, meaning Nairametrics anticipate the price of Bitcoin could likely experience a temporary pullback to the $11,200 support area before rallying higher.
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What you should know:
Bitcoin is a decentralized digital crypto asset, meaning it has no central authority or centralized payment system controlling it.
Bitcoin is operational through a peer-to-peer network that allows anyone to give and send BTC without any intermediary such as a bank.
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It should also be noted that the very first crypto asset ever created is Bitcoin. On Oct. 31, 2008, an individual (or group of people) under the pseudonym “Satoshi Nakamoto” published the now-world famous Bitcoin white paper.
BTC holds a maximum supply of about 21 million digital coins of which there are about 18.5 million in circulation, while over 4 million BTCs have already been lost forever.
Bitcoin is actually distributed via an accounting ledger that is stored in a form of a chain of blocks, known as the blockchain.