The Internet Computer price crawled back on Thursday as cryptocurrency prices rebounded. The ICP crypto price also rallied after the DFINITY Foundation announced that it was building smart contracts for Bitcoin. The token is trading at $51.30, which is about 22% above the lowest level in September.
Smart contracts coming to Bitcoin
In a statement on Wednesday, DFINITY, who are the developers of ICP, said that it will leverage new cryptography techniques in a bid to integrate with the Bitcoin network. In a note, the company’s founder and chief scientist said that:
“Internet Computer smart contracts will gain access to bitcoin liquidity, and Bitcoin will gain powerful new smart contract functionality, without the need for insecure and cumbersome trusted bridging services. This will help realize Satoshi’s vision by allowing bitcoin to power a new generation of Web 3.0 internet services.”
The announcement came at a time when many developers have started to build using Internet Computer’s technology. Some of the projects leveraging this technology are Fleek, OpenChat. Origin, and Internet Identity, among others.
Internet Computer price prediction
The four-hour chart shows that the ICP price has been under intense pressure lately. During this period, it has dropped by more than 40% from its highest point in September. It has moved along the 25-day and 50-day moving averages.
The most notable thing is that the Internet Computer price has dropped below the neckline of the head and shoulders pattern. In price action, this price action is usually a bearish sign.
Therefore, there is a likelihood that the token’s price will keep falling as bears target moves below $40. This view will be invalidated if the price moves above the resistance at $60.