BTC Bullish Momentum on the D, 80k on the STF incoming 5-18-24
This situation is reminiscent of early February 2024. However, this time, it's not just retail investors driving Bitcoin (BTC) to new all-time highs, but institutions, pension funds, and sovereign nations globally participating in a financial game theory for dominance or at least securing a place at the BTC table.
The Demand and Supply Dynamics
💰 Bitcoin's demand continues to rise daily, with thousands of new people entering the market.
⛏️ The supply of Bitcoin is not increasing, and the number of coins mined per day is decreasing.
⏫ As long as the demand for Bitcoin keeps rising, the price will have to go higher due to supply and demand dynamics.
The Impact of Institutional Adoption
🏦 Institutions are now entering the cryptocurrency market, which was previously dominated by early adopters and nerds.
📈 The increased institutional interest leads to extra accumulation and drives the price of Bitcoin higher.
💸 People will choose to transact in Bitcoin over the US dollar, leading to a significant shift in global transactions.
The Demand and Supply Dynamics
💰 Bitcoin's demand continues to rise daily, with thousands of new people entering the market.
⛏️ The supply of Bitcoin is not increasing, and the number of coins mined per day is decreasing.
⏫ As long as the demand for Bitcoin keeps rising, the price will have to go higher due to supply and demand dynamics.
The Impact of Institutional Adoption
🏦 Institutions are now entering the cryptocurrency market, which was previously dominated by early adopters and nerds.
📈 The increased institutional interest leads to extra accumulation and drives the price of Bitcoin higher.
💸 People will choose to transact in Bitcoin over the US dollar, leading to a significant shift in global transactions.
Nota
Technical Analysis:Fibonacci Retracement Levels: The chart shows BTC is hovering around the 0.618 Fibonacci level, which is a strong support level.
Moving Averages: BTC is above the 50-day moving average and approaching the 200-day moving average. A crossover could indicate a strong bullish trend.
MACD Indicator: The MACD is crossing above the signal line, which is a bullish signal.
Volume Profile: There's a significant volume support around the $63,000 level, indicating strong buying interest.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.