Bitcoin (BTC) was invented by a pseudonymous individual or group named Satoshi Nakamoto in 2008 and is the world’s first enduring cryptocurrency that succeeded where decades of digital cash experiments failed.
Bitcoin’s monetary policy is enforced through a unique blend of software, cryptography and financial incentives rather than the whim of trusted third parties. The Bitcoin network is powered by a cryptographically secure, verifiable database called the blockchain — itself a technological phenomenon.
The Bitcoin ecosystem consists of a global network of stakeholders, including the miners that secure the network and drive the issuance of the Bitcoin currency, the traders who speculate on this radically market-driven asset, and the builders working to onboard people to the cryptocurrency paradigm.
At Cointelegraph, we are chronicling the ongoing story of Bitcoin and the rise of a borderless, permissionless financial system. What has changed since Satoshi wrote the Bitcoin white paper? How is Bitcoin trading developing over the years, what are the best ways of investing in Bitcoin, and how do Bitcoin futures influence blockchain adoption? How will industry stakeholders work to make Bitcoin a mainstay in people’s lives, and will incumbent and legacy systems accept or fight this change?
Stay tuned.
While short-term traders are worried about the near-term price action, the Bitcoin whales seem to be on an acquisition spree. CryptoQuant Contributor Axel Adler Jr. said in a post on X that Bitcoin whales holding more than 1,000 Bitcoin had accumulated 1.5 million BTC in the past six months.
If Bitcoin sustains the rebound above $62,000, select altcoins could march higher. Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin fell below the $59,828 support on Oct. 10, but a positive sign is that the bulls purchased the dip, as seen from the long tail on the candlestick.
BTC/USDT daily chart. Source: TradingView
If buyers maintain the price above the 20-day exponential moving average ($61,947), the aggressive bears may get trapped. The BTC/USDT pair will then try to rise to the $65,000 to $66,500 resistance zone.
This optimistic view will be negated if the price turns down and breaks below $58,946. The bears will then attempt to pull the pair to $57,500 and eventually to the pivotal support of $54,000. Buyers are expected to step in to protect the $54,000 level.
Ether price analysis
Ether ETH
$2,532.21 has been trading below the moving averages, but the bears have failed to sink the price to the support line of the symmetrical triangle. This suggests that selling dries up at lower levels.
ETH/USDT daily chart. Source: TradingView
Buyers will try to push the price above the moving averages and start the journey toward the resistance line. Sellers will try to keep the price inside the triangle by defending the resistance line, but if the buyers bulldoze their way through, the ETH/USDT pair could rise to $2,850 and then to $3,409.
Alternatively, if the price turns down from the moving averages and breaks below $2,300, it will suggest that the bears are trying to take control. The pair could then fall to the support line.
BNB price analysis
BNB BNB$581.23 fell below the 20-day EMA ($567) on Oct. 10, but the bulls successfully defended the 50-day simple moving average ($553).
BNB/USDT daily chart. Source: TradingView
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