Bitcoin price is trading around the $63,000 mark after breaking below its upward channel, indicating a potential shift in market sentiment.
The recent surge in the U.S. Non-Farm Payrolls for September, which far exceeded expectations, highlighted the resilience of the U.S. labor market and provided strength to the US dollar. This, in turn, has exerted downward pressure on Bitcoin prices.
Additionally, renewed debates about Satoshi Nakamoto’s identity, with Len Sassaman’s probability decreasing on Polymarket and skepticism voiced by his wife, have fueled uncertainty in the crypto community, raising concerns over investor confidence.
As the debate continues, Bitcoin’s price may remain volatile amid the speculation.
Uncertainty Surrounding Satoshi Nakamoto’s Identity and Its Impact on Bitcoin Price
Notably, Len Sassaman’s probability of being Satoshi Nakamoto on Polymarket has recently dropped to 30%, down sharply from a previous high of 55%.
This decline has prompted questions about what drives this shift and its potential impact on the cryptocurrency market.
Increased Skepticism: The crypto community has doubts regarding Sassaman’s ties to Bitcoin’s creation. His wife, Meredith Patterson, publicly refuted the claims, stating, “A well-researched and good article, but as far as I know, Len was not Satoshi.” Speculative Market: Polymarket’s pool has now exceeded $2.39 million as participants speculate on HBO’s upcoming documentary “Money Electric: The Bitcoin Mystery.” Documentary Hype: Despite the documentary aiming to shed light on Satoshi Nakamoto’s identity, the cryptographic community remains divided, and previous journalistic efforts have failed to offer conclusive proof.The sharp decline in Sassaman’s probability on Polymarket could suggest waning confidence, leading investors to reassess their positions in Bitcoin. As a result, the uncertainty surrounding Satoshi’s true identity is expected to continue impacting market sentiment and BTC price fluctuations.
Bitcoin Price Consolidates at $62,700 Amid Mixed Signals
Bitcoin (BTC/USD) is trading around $62,688, reflecting a modest 0.10% gain on the day. The price action is supported by an ascending channel pattern on the 2-hour chart, suggesting a potential continuation of the bullish trend.
However, Bitcoin price recently faced a pullback from the $63,823 resistance level and is currently testing the support at $62,587. The 50-day Exponential Moving Average (EMA) at $62,159 serves as immediate support.
If BTC holds above this level, it could see renewed buying interest targeting the next resistance levels at $64,459 and $65,197.
Bitcoin Price Chart – Source: TradingviewOn the downside, a break below the $62,159 support could open the door for further declines, targeting $61,455 and potentially $60,804.
The Relative Strength Index (RSI) stands at 60.13, indicating neutral momentum with a slight bullish bias. Traders should watch for a breakout above $63,823 or a break below $62,159 to confirm the next directional move.
Key Insights:
Immediate Support: $62,587; Next Support: $62,159, followed by $61,455. Immediate Resistance: $63,823; Next Resistance: $64,459, followed by $65,197. RSI at 60 indicates neutral momentum, suggesting further consolidation before a decisive move.–
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The post Bitcoin Price Analysis: Satoshi Identity Mystery Deepens as Len Sassaman Claims Falter — How Will BTC React? appeared first on Cryptonews.
