One month after the arrival of the expected Halving from Bitcoin, a renewed interest in the commercial interaction of cryptomontages has been generated. Also, Bitcoin has gradually risen to almost break the resistance level around US$ 10,000. Will it make it? What’s happening in the Bitcoin market this Thursday?
The Bitcoin post Halving market: less offer available
As many know, Halving consisted of a sequential and programmed change in the way the new Bitcoins are created. This change originates from the controlled decrease by 50% of the amount of Bitcoin Era that will be obtained by all miners around the world at the time a new block is manufactured. In other words, the miners will earn less BTC for each new block generated.
This event does not happen constantly but was designed by the creator of the virtual currency, Satoshi Nakamoto, to be played every 210,000 coins generated. This was based on a financial idea that he had from the beginning: to get Bitcoin not only free from the inflationary trend and devaluation of the currency but also, with this small control, to constantly increase its value with respect to trust money.
Thanks to the balance generated by the increased difficulty of creating more BTCs every day, the community of investors and traders is constantly waiting for new upward trends. Then, with this they seek to generate profits through techniques such as the „holding“ of the crypto currency, and the sales of their Bitcoins in the best peaks of the rise.
The computing power granted by all the machines worldwide that operate to contribute to the cryptosystem has changed as well. Now the miners have to be more efficient in order to cover the costs. Those users, whenever a new Halving is created, will receive half of the rewards for each block created compared to the previous one.
Whether this is a desired factor or not, it has and will have gradual effects on Bitcoin’s performance.
Warning: Falling price of Bitcoin makes it lose 8%
Lateral market present at the moment
To put it in context briefly, a lateral market consists of a given state within a specific market where fluctuations are partially stagnant. In other words, these do not have any marked upward or downward trend, but rather remain in constant lateral movement, graphically speaking. All this happens without resulting in clear changes of course, either upwards or downwards.
Currently, referring to the fluctuation in the price of Bitcoin we can see in the graph provided by the team of CoinDesk, how a slight change in trend has manifested itself.
Based on the observation of the balance of the peaks generated by the interaction of buyers and sellers, we will see a lateral market in full development.