Bitcoin Price Surges on Wright’s Admission
Bitcoin’s price has seen a significant surge in the past 24 hours, climbing by 2% to reach $65,733. This comes on the heels of Craig Wright finally conceding that he is not Satoshi Nakamoto. Wright’s statement followed a March ruling by the England High Court declaring him not to be the original inventor of Bitcoin.
The Impact of Wright’s Admission
The decision by the UK Judge James Mellor was a win for the open-source community, preventing Wright from claiming intellectual property rights over Bitcoin’s open-source technology. This has paved the way for the continuation of Bitcoin’s development without any legal hurdles.
Bitcoin’s Technical Outlook
Bitcoin’s price has demonstrated a bullish trend reversal, forming a rounding bottom pattern. The price is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), indicating a strong bullish stance.
The Relative Strength Index (RSI) is trading above the 70-overbought (OB) region, signifying rising momentum. Additionally, the Moving Average Convergence Divergence (MACD) is trading above the neutral line, further supporting the uptrend.
Potential for Further Growth
Bitcoin’s price could surge further to $74,000, representing a 15% increase from the current level. However, with the RSI indicating that the asset is overvalued, there might be a slight retracement back to the $61,793 support zone (200-day SMA) as sellers book profits.
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