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A few days ago, listed on Bitcoin at 9.800 Dollar, apparently on the verge of not to exceed $ 10,000, is crucial. Now the cryptocurrency is trading at 9,200 US dollars, after it was broken due to the fears that Satoshi Nakamoto could repel his crypto-currency, along.
Bitcoin price chart of TradingView.com
It is a decline, some investors the worst is feared.
Yesterday, for example, Bitcoin lock under a key technical support level: the middle Bollinger Band, which corresponds to the 20-day average of the movements. Joe McCann, AI and Cloud specialist at Microsoft, and in addition to professional crypto Trader, writes on this subject:
“Just under 9287 dollars for BTC would be bad for bulls, this is the 20-day average.”
A number of Trends in the Chain and fundamental Trends suggest, however, that the prospects for the crypto-currency continues to be good.
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Bitcoin is still bullish: On-Chain indicators
Despite the recent break-in on the crypto-currency market, the Blockchain, Insight-company Santiment announced on 21. In may, the Network Value to Transactions Ratio (NVT) of Bitcoin “healthy” stay, what pointing to a sustained upward trend:
“Despite the slight downward trend of BTC from -4.4 % today, the NVT looks healthy, and our model shows a half-hearted Signal. The number of unique tokens that are processed through the Bitcoin network, is slightly above the average for may, depending on where the price levels are currently“
Graph of the Bitcoin price compared to the NVT ratio of Santiment (@santimentfeed on Twitter), a Blockchain-Analytics company, and Sentiment Data Startup.
The bullish character of the underlying Bitcoin network has been taken up by other analysts.
The independent On-Chain-Analyst Philip Swift commented this week that the so-called Dynamic Range NVT Signal is increased in the last few weeks, despite the recent decline.
Swift, according to the indicator (the “price-to-show-to-earnings ratio for Bitcoin” refers to) in the long term, a very optimistic future for BTC:
“Dynamic Range NVTS has closed above the lower green belt. This is a very bullish time frame. The previous NVT-Signal lost in the course of the time of its effectiveness. This Version with dynamic bands is much more useful as an oversold/übergekauftes Instrument for strategic investments“
Graph by Philip Swift of Bitcoins macro price action in addition to the NVTS indicator with dynamic range.
Fundamentals are also bullish
As if that were not enough, suggest that the underlying fundamentals – i.e., the demand factors for BTC, also the fact that Bitcoin is still caught in an uptrend.
Block tower Capital, a crypto – currency and Blockchain-investment Fund, has recently stated that the “Macro-fall of Bitcoin has never been so obvious”. This is justified among other things with the growing distrust of Central banks, the worldwide introduction of digital technologies in the midst of the COVID-19 pandemic and the growing geopolitical tensions in the Wake of the collapse of the economy.
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