Bitcoin is building some decent level of support and it was seen at 11,652.70 United States Dollar 1 Aug, 2020 10:50 am UTC
The Bitcoin (BTC) optimism is building up. Major cryptocurrencies like Ethereum, Ripple, and XRP are also happy about their positions. It is expected that the USD will see a big drop in July.
The interest in non-fiat assets is growing. The price of gold and silver is touching a decent high. The policy changes from different governments have poured in lot of money in to the financial system. Increased money supply has led to decline in its value/price.
Bitcoin and other Altcoins are evolving to be the investor’s favorite. This is one reason for why the price of the Bitcoin is catching up with positive sentiments. It is parabolic times for gold, silver and the Bitcoin.
While Bitcoin enjoyed a controversial love-hate relationship among investors, interest is pouring in the market. The current uptrend is rather due to a fear and uncertainty about traditional assets in the overall financial market and fear of the USD falling down. This cannot be called a natural liking towards the BTC. It is like investors are forced to try something better than the old investment tools.
Sydney Ifergan, the crypto experts tweeted: “Bitcoin (BTC) profits are like a storm, whether several Altcoins might provide over a long period of time is something that BTC will deliver in a single swift rally.”
Bitcoin (BTC) RSI was in the Over Bought Region
The sentiments are for all reasons better. The strong bullish trend was very much visible a week ago when the RSI stayed in the overbought region.
Bitcoin used to be trending in its ranges of lower highs during May and the subsequent technical trends led to the BTC/USD price action which has had it swing to its current level at 11,652.70 United States Dollar 1 Aug, 2020 10:50 am UTC. A rally is expected to happen touch $12,000. A resistance at $11,800 is on the dice.
If BTC breaks past it, then it is going to be $12,000, due to improved confidence.
With BTC trending at 11,652.70 United States Dollar 1 Aug, 2020 10:50 am UTC it is very likely for the $12,000 to set in followed by a correction. However, a short-term benefit is likely for those who know to catch the favorable winds.
With trends being anti-fiat, it is very likely for Bitcoin to continue a climb beyond. Reportedly, there will also be a FOMC- Fear of Missing Correction due to trader’s fear that a bullish trend might begin soon. This is an exciting period for those who know how to bag in profits
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