BTCUSD; Where to go next? For BITSTAMP: BTCUSD By Adelmourad

0
Brief technical analysis:

According to the Daily, Btcusd had consolidated around the 50,000 zone before falling to a new low of $ 28,970.

Essentially, the sellers entered the market at around 64k zone as they were eager to bypass on May 12, 2021, following Musk’s tweet expressing that the automaker has suspended vehicle purchases using bitcoins , because he anticipated the environmental problems linked to the process of computer “mining” of Cryptocurrencies. This ultimately took a toll on the coin’s price level as not only did it mean Elon’s tweet had wiped over $ 300 billion from the crypto, but it also intensified the sell-off amid fears about the value of currency.

Ongoing recovery where price failed to drop below $ 28,000 assistance level , some bullish momentum started to pick up as it improved by around 15%, giving buyers a redeemable entry opportunity.

The price rose further to hit the resistance at $ 40,720, where some CEOs of big tech giants have expressed enthusiasm for Bitcoin . This ultimately triggered bullish momentum as he broke the resistance level encouraging a wider audience to buy in the market.

A second resistance level was established when sellers failed to maintain their short sales, and buyers sought to overtake them in the market as the coin continued to soar.

It is currently floating above a assistance level where we could potentially see crypto rise at a faster rate before the market corrects again.

Fundamental analysis:

BTCUSD has been a rather indecisive instrument in recent months.

He predicted a 52 week price range of 9,891 (low) to 64,788 (high), as it fluctuates with various market conditions. As might be expected, he had also encountered some fundamental support prior to his bullish led by Tweet artist Elon, who is the founder of one of the main VE companies You’re here because it influenced some of the major crypto price movements.

In this case, some people may perceive that the cryptocurrency is not as robust to overcome some fundamental sensitivity. However, it has indeed seen vast sales due to pessimism about its future as it competes with some newcomers.

Despite some discussions regarding the rise of other cryptocurrencies trying to gain traction in the market, Bitcoin is still among the best, including Ethereum , Litecoin and Ripple.

However, an ideology regarding its survival in the market is supported by the skepticism of some audiences as to its current situation. bullish race, which may not last as long as expected due to severe volatility associated with currency.

This calls into question its future price level as individuals would turn to other less volatile coins to trade with, so the risk of this becoming a liability for them in the future is greatly reduced.

Plus, in defiance of some of the other CEOs of big tech companies, such as Twitter founder Jack Dorsey who currently promises for cryptocurrency, many large institutions such as MasterCard, UBS , and JP Morgan, have injected funds of up to $ 65 million to support a startup endorsing Ethereum , as one of the other major players in Crypto.

Another factor to consider is the future rise of CBDCs, also recognized today as central bank digital currencies.

Currently, cryptocurrencies, including Bitcoin , Ethereum , Litecoin, Ripple and Stellar can steal the show though, central bank Digital currencies are not too far removed from the implementation process. The problem with decentralized virtual currencies is that they fluctuate too often and are extremely volatile, making them impractical for marketing with different transaction methods as well as pricing goods and services, provided that volatility correlatively favors a presumptuous inflationary gap.

In summary, for Bitcoin To gain the people’s assurance of its stabilization as the dominant decentralized method of exchange, the implementation of some kind of price floors and ceilings is vital for its long-term role as a trusted cryptocurrency on the market. which individuals can rely on at any time of their lives.


Source link

Leave A Reply

Your email address will not be published.