Bitcoin (CRYPTO: BTC) has bounced to $109,000 on the 17th anniversary of the Bitcoin White Paper, with many traders treating the dip as a buying opportunity.
What Happened: Launched 17 years ago by Satoshi Nakamoto as "a peer-to-peer electronic cash system," Bitcoin has grown from a market cap of just $207,000 in 2010 to nearly $2 trillion today. Despite the run to a record $126,000, BTC has since cooled, consolidating as sentiment turns cautious.
Bitwise advisor Jeff Park marked the anniversary by reminding traders of Bitcoin's founding ideals:
- Peer-to-peer money without intermediaries
- Decentralized governance through miners and validators
- Privacy and freedom from surveillance
Also Read: Bitcoin Back To $110,000: Are The Bear Market Calls Premature?
What's Next: Following the Fed's 0.25% rate cut and hawkish tone, Bitcoin slipped from $116,000 to $107,000.
Analysts now expect short-term consolidation before a breakout, a potential "trick before the treat."
- Stockmoney Lizards sees BTC range-bound with $116,000 resistance, expecting a brief dip to clear liquidity before another leg up.
- Lennaert Snyder (ByBit partner) notes Bitcoin is sweeping short liquidity, eyeing $109,511 for bearish confirmation and $111,330 for breakout validation.
- Crypto Batman points to BTC's descending triangle pattern, calling the repeated shakeouts and support defense a textbook setup for a breakout, with a $126,000 target still in play.
Bitcoin's 17th anniversary arrives amid fear and consolidation, but if history is any guide, traders could be in for a bullish "treat" once the shakeout ends.
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