Surprisingly, the price of Bitcoin has moved higher again after breaking through $27,800. The cryptocurrency king had previously hit a seven-month high of $26,700 amid the collapse of Signature Bank and Silicon Valley Bank. However, the momentum does not appear to be slowing down anytime soon as prices continue to show signs of rising.
$bitcoin Breaking through the $27,800 mark: a bull market may be coming https://t.co/ONzQE7YFuE
— Kyptos (@azcoinnews) March 18, 2023
According to Kyptos, an analyst said that BTC is breaking out of the death cross signal. Tony “The Bull” tweeted that the move destroyed the best arguments for Bitcoin bears in one candle, predicting a short-term rally would be “crazy” and suggesting it hadn’t started yet.
source: Tony “Bull”
For those unfamiliar with the term, a death cross occurs when the 50 moving average (MA-50) crosses downwards through the 200 moving average (MA-200), signaling a possible bear market. future. However, as the article points out, there are many other factors that affect the price of Bitcoin, so it remains to be seen whether this is a long-term trend or a short-term phenomenon.
BTC 1-hour chart | Source: TradingView
At the time of writing, the bitcoin price is hovering around $27,448, up 4.2% over the past day. This week, BTC rallied 36%, which is certainly a remarkable feat. Despite various problems in the banking industry, the crypto market has lost $200 billion in the past week. The recent bullish move has many wondering if the king of cryptocurrencies is preparing for a major breakout or will he face major resistance in the near future?
It is worth noting that prices can be very volatile and projections of future trajectories should always be viewed with caution. However, a break above the $27,800 level is definitely a positive sign for those who are bullish on the cryptocurrency.
IntoTheBlock data shows that Bitcoin holders are still holding. The number of BTC held by addresses for more than a year is at an all-time high. The mining pool currently holds more than two-thirds of all bitcoins in circulation. Based on historical trends, they are unlikely to sell their holdings before Bitcoin reaches a price close to its previous all-time high.
source: Enter TheBlook
Bitcoin Network Celebrates 10 Years of Uninterrupted Operation
Another milestone in the history of the Bitcoin network, the technology has been running 24/7 for the past 10 years without any issues. This further solidifies the Bitcoin network’s status as a trusted, resilient blockchain technology and could pave the way for future decentralized financial systems.
The news came on March 17, when a Reddit user named Tasigur1 share Information from BitcoinUptime, which claims that the Bitcoin network has been functioning without any issues for a decade. This information is very important as the network has only had 2 major issues since its inception in 2009.
The first incident occurred in 2010 due to an abnormal overflow of the number of bitcoins generated by a transaction. However, the developers were quick to spot and fix the problem. Interestingly, in 2010 the Bitcoin network had an uptime of 99.908%.
The second incident occurred in 2013 when the block-enabled blockchain forked with more transaction inputs than previously seen. Again, the developers were quick to spot and fix issues. Therefore, Bitcoin’s uptime in 2013 was 99.932%.
Since then, the network has had no problems for the past 10 years. The fact that the Bitcoin network operates 24 hours a day makes it an attractive option for those looking to transact while banks are closed. The versatility and reliability of blockchain technology, which the Bitcoin network takes full advantage of, has also made it a popular choice for traders and investors.
#bitcoin Network Celebrates 10 Years of Uninterrupted Operations Milestone https://t.co/t9LfFNDY15
— Kyptos (@azcoinnews) March 18, 2023
In short, 10 years of operation of the Bitcoin network is a testament to the durability and reliability of blockchain technology. As the Bitcoin network and other cryptocurrencies grow in popularity, it will be interesting to see how they can be used as a decentralized financial system in the future.
- Ben Armstrong Reveals Shiba Inu’s Creator Is Denied
- Will Bitcoin Be an Alternative to Bank Runs and Discrimination in the Banking Industry?
- Bitcoin and precious metals soar on ‘next relief’ speculation
according to Kyptos