Bitcoin (BTC) remains at the forefront of the digital currency ecosystem as the primary driving force, exhibiting a consistent uptrend of 1.41% over the previous 24-hour period, culminating in an increase of over $425 in its value. As a result, BTC has approached its psychologically significant value of $30,000.
Despite the impressive growth prospects of Bitcoin, its extreme volatility warrants caution when making bullish projections.
Moreover, Rekt Capital, a leading market analyst, acknowledged that the macro uptrend of Bitcoin would only be fully confirmed if the cryptocurrency closes the monthly candle at or above the $25,000 support level. The analyst stated that “All #BTC needs to do to confirm a new macro uptrend is Monthly Candle Close above ~$25000.” This indicates that BTC must sustain its current momentum and avoid dipping below this level.
Bitcoin has not surpassed the $30,000 threshold in over six months, and its potential retest of this level may attract additional funding from both retail and institutional investors.
In light of the gloomy macroeconomic outlook that has caused worldwide banking collapses and tight monetary policies, Bitcoin has received significant attention. The trend towards self-banking through Bitcoin has grown in recent weeks due to its decentralized nature, which relies on its code rather than a centralized entity. Moreover, Bitcoin is considered a good hedge against inflation and an increasing number of institutional investors view it as a store of value.
With a maximum supply cap of 21 million, the digital currency possesses a deflationary element that many experts believe will contribute to its price appreciation over time.
For more article visit: Cryptotechnews24