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Bitcoin is on the verge of a trend reversal – Bloomberg

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‘Bloomberg Commodities Edge’ (01/16/2020) – Full Show

Bitcoin is on the verge of a trend reversal - Bloomberg

Bitcoin is on the verge of a trend reversal – Bloomberg
CONTENT

  • Despite recent activity, bitcoin may soon fall in price again.

  • Cryptocurrency has entered the territory of bears for the first time since the end of May.

  • Long-term price forecasts remain optimistic.

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The cryptocurrency community, however, remains optimistic, as bitcoin has managed to grow by 35% since the beginning of the year.

Despite all the excitement surrounding Bitcoin’s recent rally, a technical indicator from Divergence Analysis (DVAN) points to a potential downturn in the future, Bloomberg reports..

According to the indicator of activity of buy and sell orders (DVAN Buying and Selling Pressure Indicator), Bitcoin is likely to expect a trend reversal with a high degree of probability..

Bitcoin is on the verge of a trend reversal - Bloomberg

Source: Bloomberg

An indicator showing bullish and bearish trends signals that Bitcoin has dropped below the trendline for the first time since the end of May, suggesting that the cryptocurrency is forming a new wave of selling.

The largest cryptocurrency by market capitalization is still trying to overcome the resistance at the level of $ 10,000, which it was able to break through in the first days of June..

At the time of this writing, the price of bitcoin BTC / USD is $ 9720. Tracking Major Cryptocurrencies, Bloomberg Galaxy Crypto Index Down 1.1% At Session Low.

Responsiveness

The excitement in the cryptocurrency market is still not fading amid the interest of many central banks around the world to issue their own digital currencies.

The recognition by traditional financial institutions of the benefits of the cryptocurrency market may be reflected in the form of capital inflows to the virtual asset market, which will affect the price of cryptocurrencies.

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However, pumping money into the crypto market does not mean that Bitcoin will benefit the most from it. The dominance rate of the leading cryptocurrency has been declining for the past nine months.

However, experienced traders know that there is nothing better than a highly liquid market regardless of the trend. We have prepared a series of materials on how to get the most out of the volatile cryptocurrency market..

The current trend shows that in the absence of a Bitcoin rally, in a few years BTC may lose its leadership in the market..

The chance has come

Bitcoin is on the verge of a trend reversal - Bloomberg

CoinShares Director of Strategic Affairs Meltem Demirors shares a different opinion.

He believes the current financial crisis caused by the coronavirus pandemic will allow bitcoin to mature as a financial asset..

“Bitcoin was created after the last financial crisis. It [bitcoin] will come of age and mature as a result of this financial crisis, ”said Demimors.

The upcoming trend reversal, however, will not affect the long-term performance of the cryptocurrency..

An analysis of the historical behavior of bitcoin promises an imminent bullish growth, and bitcoin itself may soar to the level of $ 20,000 by the end of the year, according to Bloomberg..

What do you think? How soon will the trend reverse and how low will Bitcoin fall? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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