After to have evolved without trend for the necks of the weekend, the Bitcoin rebounds sharply on Monday, posting a gain of more than 5% over 24 hours at the time of the writing of this article, with a peak at 11.928 from$ 11.450$ about at the beginning of the european session.
Although the rebound does not relate specifically to any of the latest news, it may be noted that more recent information supports the crypto-currency, to start with the new record in the history of the hash rate, or rate of hash, reached yesterday.
It is the number of calculations that a material or a given network can perform each second. It is a very important parameter in the context of mining, for a rate of hash higher will increase the chance for the miners to solve the mathematical problem, and receive their reward. A rate of hash higher also increases the amount of resources needed to carry out an attack to 51%, which makes the network more secure, and it is therefore to be regarded as a positive factor for the Bitcoin.
Also in regard to the functioning of the network of Bitcoin, more and more experts put forward the “halving” expected may 2020 as a factor bullish for the Bitcoin.
This event, which takes place about every 4 years, consists in an automatic reduction of half of the award received by the minor, which amounts to slow down the issuance of new Bitcoins, thereby contributing to a phenomenon of scarcity mathematically bullish for Bitcoin.
We can also mention the project of a crypto-currency of Facebook (NASDAQ:FB), the Libra, which, although encountering many objections on the part of governments and financial regulators, and it still allows to hope that billions of users of Facebook are introduced to crypto-currencies, with positive effects expected also on the Bitcoin.
From a technical point of view, and in the short term, the area of the psychological threshold of 12,000$ is a key resistance, before the peak of the 28 June to 12.360$. Beyond that, the graphic profile of Bitcoin will once again become more clearly to the upside, with potential targets to on-13.000$, and then in the area of 14.000$ approached with the summit on June 26 13.885$.
For the reduction, the$ 10,000 is a psychological level key, with the threshold of$ 9,000, of which the break would begin to point the finger at the possibility of a bearish reversal bottom on the daily chart.