The Bitcoin price has risen in the last 2.5 days to around 5%, and brings the BTC bulls back in the headlines. In this article we want to show, however, why the BTC price is, as before, still enjoy with caution. Furthermore, we will explain why the recent sharp rise in range of the Tether (USDT) is obviously not an indicator of fresh money in Bitcoin flows.
But then what is the reason for the increase? And why the Bitcoin price is still in a critical Zone?
Learn in this article all around the current situation on the Crypto-market.
Contents
The BTC price is still on shaky ground?
The Bitcoin Chart shows us that the BTC price seems to be moving, meanwhile, is in a slight upward-trend-channel. The upper trend line also explains why we can currently observe a slight Pullback in the Bitcoin exchange rate. As is often emphasized, many of the technical Trader the Support at approximately 9,400$ is crucial in order to prevent a further, probably possible significant slippage in the BTC course.
The big question now is whether another onslaught on the$10,000 mark could be made or not.
The weekly Chart of BTC revealed that the Bitcoin exchange rate has bounced in the last few months, already 3 Times in this Zone. The brown in the Chart marked marked trend line to what is the value of the BTC price moves since October of 2017, around. In the last 3 years, the Bitcoin exchange rate has returned to this trend line, so that we can understand it as a long-term gradient of Bitcoin.
Source: Trading View
To see the bottom of the MACD indicator appears to be the Bitcoin exchange rate current is in an upward trend, but in combination with the weak volume could reverse the direction of the trend faster than the BTC bull is fond, again, in the short term under the said trend line to slip. In any case, the lack of volume alone is already a reason to be cautious.
As we have previously reported the option dealer at the time also seem to be rather bearish set up. Only 40% believe that the Bitcoin price can still be overcome in 2020, the$10,000 mark, while only 4% is a bet that the price of BTC will surpass this year its all-time high of 20,000$.
Tether market capitalization increases, but without the Bitcoin exchange rate
What we can observe recently reinforced, is that the Narrative that freshly printed USDT the BTC price is fires, it does not seem to have been confirmed. At least the fire seems not to be enough to push the Bitcoin exchange rate is noticeably up.
A look at the Chart of the market capitalization of the Tether tells us that the leading Stablecoin USDT has proved to be a month of immense course.
Source: Coinpaprika
The fact that the number of USDT is continuously increasing, rejects also the theory that freshly printed USDT are an indication that fresh money in Bitcoin flows. This would be the case, then we should be able to theoretically observe that the stable coins will disappear more and more from the market.
But what is behind the rise of USDT in the billions?
As we have today re-established, the number of Tether Coins on the Crypto-market drastically. It is becoming increasingly clear that USDT will not be used primarily to invest in Bitcoin. But what is behind this great growth of the leading Stablecoin? Be USDT created out of nothing more than hot air or is there more to it?
Learn more about the now third largest crypto-currency in the world, and reading what has encouraged the research on the background of the growth of the Tether to the light. Read now!
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