Bitcoin has worked out the level of $47,500 several times over the past few days and bounced off it twice. Thus, for the time being, we can conclude that this level is too much for buyers, so the cryptocurrency has a good chance of starting a fall. However, we also remind you that there is still an upward trend line on the 4-hour timeframe, which continues to support buyers and maintain an upward trend. Thus, the price is now caught in a triangle between the level of $47,500 and the trend line. Whichever of these lines it will overcome, the movement will continue in that direction.
Meanwhile, one of the Bloomberg analysts said that he knows who is hiding behind the mysterious name of Satoshi Nakamoto, who is credited with creating the first cryptocurrency in the world, as well as a fortune that is now estimated at about $61 billion. According to Eric Balchunas, the programmer Hal Finney, who died back in 2014, is hiding under the name Satoshi Nakamoto. Finney's name is quite well known in cryptocurrency circles, as the name of one of the founders of cryptocurrencies, who participated in the development of bitcoin, and also conducted the first bitcoin transaction together with Satoshi Nakamoto back in 2009. Balchunas came to this conclusion after he came across a message from Finney, which he left back in 1994 on a forum, and in which he described a principle that is very similar to the current technology of non-fungible tokens (NFT). Thus, we now know another alleged name of the creator of the most popular cryptocurrency in the world, who also owns about 750,000 to 1.1 million bitcoin coins according to various estimates.
At the same time, the fundamental background for bitcoin remains rather weak. The problem is that there hasn't been any particularly positive news in the last few weeks. Nevertheless, bitcoin is up $18,000 and we have already questioned the reasons for such a strong growth. From our point of view, investors were just in a hurry to buy as many coins as possible lately, while the US adopted new tax legislation, which states that most of all bitcoin transactions will immediately fall into the "field of view" of the IRS, which will make many cryptocurrencies less attractive for investment. However, there is still no talk of a new "bullish" trend, and we still expect bitcoin to fall to the level of $29,700.
In technical terms, bitcoin continues to be in an upward movement on the 4-hour timeframe and has worked out the level of $47,500 twice. This level is important as it is the low of April 26, as well as 50% of the movement from the absolute high of value to the low of 2021. At the moment, bitcoin cannot overcome this level, so again there are expectations of a new drop in quotes to the level of $29,700, which we are counting on. Thus, to sell cryptocurrency, you should wait for the price to consolidate below the trend line. The targets are $40,746 and $31,100. Overcoming the level of $47,500 gives way to new purchases with a target of $50,350.
