Bitcoin can function without the need for a centralized authority such as a central bank or a corporation. It differs from government-issued or fiat currencies such as the US dollar or the euro, which are controlled by the country’s central bank.
The fact that Bitcoin was the first cryptocurrency to exist on the market gives it a distinct advantage. It has succeeded in establishing a global community and spawning a completely new economy of millions of fans who produce, invest in, trade, and utilize Bitcoin and other cryptocurrencies in their daily lives. The introduction of the first cryptocurrency established a conceptual and technological foundation that sparked the creation of thousands of competing ventures. The price of BTC is usually inversely related to the price of U.S. Dollar Index (DXY). As a result, unless the dollar’s steep upswing is reversed, a substantial recovery in Bitcoin may be impossible. Let us review the BTC price
BTC Price Prediction
Bullish Scenario: BTC needs to break the bearish downtrend line followed by breaking past the $42,286 resistance level for a short-term bullish bias. If $42,286 resistance level flips to support and the resistance level at $44,245 breaks then we could start seeing a move towards $47,050 and above.
Bearish Scenario: BTC price is fighting to break through the $42,286 resistance level. It might lead to a bearish continuation to the downside if the current support level of $37,839 fails. The large bearish flag’s lower trendline and the $34,258, $30,000 price levels are the crucial levels to watch in this scenario.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate. However there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
