Bitcoin Bears Left Holding Their Bag as price settles on 200-day Moving Average

in #bitcoin3 years ago

As I anticipated, Bitcoin broke out of the descending channel today to touch the 200-day Moving Average, laughing in the face of Bitcoin Bears who had been hoping for $6000 Bitcoin. To be fair to the sleepy bears, it's only one day and the Bulls aren't out of the woods just yet.

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Volume today was above average, sitting at just over $19 Million in the past 24 hours.

The rise today in Bitcoin's price was in stark contrast to losses in the Stock Market, further proving that those buying Bitcoin are moving to safety, and besides precious metals there aren't too many safe havens for wealth right now, as this past economic boom since the mid 1990's has created more millionaires and Billionaires who's wealth was created from thin air, and will soon go poof as it returns into the ether. The only thing left to run to is Bitcoin and precious metals, and precious metals are not exactly liquid or infinite in quantity, while there is enough Bitcoin that every person on the planet could have millions of satoshis.

Something to think about.


Thanks for Reading. Stay safe and keep your head up.

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Nice article, good point with the 200 DMA

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