Bitcoin exchange rate charges over 11,500 USD – console olidierung completed?
Home News Bitcoin exchange rate charges over 11,500 USD – console olidierung completed?
Marcus Misiak –
After the Bitcoin (BTC) has fallen in price yesterday, below the 10,000 USD mark, BTC has recognised now for the recovery.
At the time of writing, the Bitcoin price on 11.517 US Dollar and, therefore, about 16 per cent, has risen within the last 24 hours. Remarkably, this rally just a few days after Bitcoin experienced a 30% selloff, which took place within a few days. It shows, therefore, once again, the volatility that has seen Bitcoin in the last months.
According to a number of prominent analysts, technical indicators are now bullish. In a recent Tweet, the well-known Trader B-Eazy shows the 30-minute Chart, and explains how BTC from a downward trend line break out, a double bottom, and of a resistance of the Ichimoku cloud. He notes that Bitcoin has now, once again, a “bullish market structure”, which is why he predicts that Bitcoin can now close strong above the weekly Open-highs of 10,000.
This was already the consolidation after the rally?
Many investors now question whether the long-awaited Bitcoin price correction is survived by the 30% decline in the last few days already, as many analysts had predicted.
As we already reported yesterday, some experts believe that the 10,000 USD mark as the new floor. According to the trading view, there were only 3 candles on the Bitcoin hourly Chart, having closed below $10,000 USD. The corrector was of short duration. The lowest candle at 9.780 USD and highlighted the 30% decrease, and the BTC price reached a five-digit value, suggesting that this could be the last Time that the BTC price will be so traded low.
In addition, in recent months, many Economists have begun due to the growing macro-economic uncertainty in order to consider Bitcoin as a potential hedge against Fiat currencies. Jim Iuorio of CNBC’s “Fast Money,” noted recently in a post that he has started a Bitcoin than to acknowledge what it is: a potential Hedge/Safe Haven against Fiat risks. In this sense, Iuorio went on to note that, if Bitcoin $is 10,850 achieved what it has at the time of writing of this article, to buy he inclined would be, and added that he is since the June rally pretty impressed with BTC.
On CNBC’s Futures Now, Jim Iuorio explained that the Bitcoin price could just have a new “floor” at $ 10,000 USD found. During the interview, Iuorio said:
I’m actually starting to see Bitcoin as what it could be, and this is really a real, by Dollar secured Safe Haven Asset. At least Bitcoin has developed in the last six months, and ten thousand here seem to be a good level.
Iuorio joins a number of Mainstream reporters, to the praise of the upward trend in Bitcoin. The Bloomberg columnist and prominent economist Tyler Cowen Bitcoin has recently published a paper on Bitcoin entitled “Bitcoin is (Probably) Here to Stay”. In this post, Cowen called reasons four main why BTC is likely in the long term will gain in significance:
- Geopolitical tensions, as the trade war between China and the United States
- the introduction of Facebook’s Libra – validated Bitcoin as a viable Trend
- the left-wing Trend of politics in the United States and other Western countries – which could confirm the need for a safe financial Harbor
- the macro-economic climate is creating, the conditions for the rise of alternatives/uncorrelated asset.
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