The price of Bitcoin (BTC) exceeded $ 14,000 on October 31, the day Satoshi Nakamoto published Bitcoin White Paper in 2008. Since then, the world’s largest digital currency has shown significant and exponential growth in various fields.

Twelve years later, after the report to the Storting was published on 31 October 2008, Bitcoin is on a different growth path. Institutional madness drives Bitcoin’s collections, large financial institutions back up cryptocurrencies, and the market has become more liquid.

The halving bullish session celebrates the 12th anniversary of Bitcoin
The 12th anniversary of Bitcoin White Paper is of particular interest to Bitcoin, as it is the third cycle after being cut in two.

Every four years, bitcoin is subject to half the reward, halving the frequency of new bitcoin mining operations. This is because 21 million BTC can exist on the blockchain. As we approach steady BTC supply, the mining speed decreases.

Historically, halves have had a positive effect on the price of Bitcoin. This slows down the rate at which new BTC is brought to market. As a result, fewer bitcoins enter the stock market every four years.

For this reason, Bitcoin’s 4th, 8th and 12th anniversaries are more than other anniversaries. This coincides with the cycle after halving, when the last cut took place in May 2020.

The history of the Storting today Bitcoin prices have risen significantly in the last decade. For example, the price of BTC in 2013 was only $ 204. In 2014, Bitcoin reached $ 338 million; 2015 – $ 314; 2016 – $ 700; 2017 – $ 6468; 2018 – $ 6,317; And $ 9,199 in 2019.

BTC price declined to $ 14100
On major stock exchanges, the bitcoin price reached a peak of 14,100 dollars and was immediately rejected on Saturday 31 October. The biggest pressure from sellers came from Binance, which led to prices falling rapidly by 3% in a matter of minutes.

To the unsuccessful, large buying walls on Huobi and Binance originally pushed BTC up. Binance had a buying wall of 1371 BTC for 13,680 dollars and another large buying wall of over 13,800 dollars at Huobi.

A Bitcoin trader under the pseudonym “CL” said it is “the biggest buying wall I’ve seen on Huobi in a long time.”

But when BTC crossed $ 14,000, Binance traders began selling large amounts of BTC in a short period of time. Before Bitcoin rose to $ 14,100, Keith Waring, a technology investor and contributor to Cointelegraph markets, wrote:

“Unfortunately, Bitcoin will be rejected at $ 14K and will fall below the 2019 high thanks to the binance whales.”
what happened after that?
When the Bitcoin price rises rapidly and deviates sharply, traders describe this pattern as “Darth Maul Candle”.

Following this huge increase in volatility, Bitcoin tends to stabilize and consolidate. Given that $ 14,000 is a critical resistance level, Bitcoin is likely to consolidate below $ 14,000 and will continually seek to break it.

CryptoQuant, an online market data provider, found that deposits on the Bitcoin exchange are declining. This usually indicates a decline in sales pressure, especially among retailers and whale investors.

According to Ki Yong Joo, CryptoQuant CEO said the trend is a “long-term buy signal”. Investors’ lack of intention to sell in the stock market indicates the potential for a long-term trend.

Rising market sentiment, supplemented by strong fundamentals and various positive technical factors, is only relevant for Bitcoin’s twelfth anniversary.

Source: CoinTelegraph