For the past few days, Bitcoin has been hopping around the $ 10K level, but it seems to be able to hold above it for the moment, seeking momentum for a bigger rebound.
The largest digital currency has fallen below its lowest GTI Vera Band indicator, which measures upward and downward trends. This indicator signals potential sharp upward jumps. The last four times where the price has gone below the indicator, there has been a fast and strong rebound.
The digital currency also finds strong support at the $ 10,000 level, testing the level 4 times in the last week, bouncing off each time. Crypto analysts attribute the leaps and potential stronger recovery in price to factors such as poor macroeconomic conditions, as well as positive developments in the crypto world. Binance is soon releasing a new stablecoin, which would only be a plus.
We have a shaped trend of improving and stabilizing Bitcoin, which also makes it an important element of exchange for many crypto trading sites. Attracting more turnover, money and interest, especially in difficult economic situations, is accelerating the adoption of Bitcoin as digital gold.
However, some investors have warned that cryptocurrencies may remain under pressure as the Group of Seven meet in France this weekend. Many analysts see this event as an opportunity to criticize cryptocurrencies and regulations, especially after Facebook’s intentions for its stablecoin.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
Trader Martin Nikolov