Experts still bullish Bitcoin
Financial author Glen Goodman, who made a name for himself during the global financial crisis of 2008, made a similar statement to Forbes, describing how the commodity and cryptocurrency markets are a last haven that central banks have less control over:There’s no doubt stock markets and currency markets are being hugely manipulated by central bankers, […] Commodities markets and cryptocurrency markets are thankfully one step removed from the Federal Reserve’s decisions. The Fed still affects them, but it doesn’t control them in such a direct fashion. This could end up working rather well for crypto exchanges, as traditional traders start looking more fondly at one of the last refuges of free trading in the world.
As numerous experts noted, the impulse for the setback once again came from the traditional financial market, which continues to be strongly dictated by the coronavirus. Bitcoin slipped shortly after an oil futures contract that was to be delivered via West Texas Intermediate in May fell by more than 100%. The event marked the first time in history that an oil futures contract fell into negative territory. Driven by fears that the US economy will continue to collapse, the Dow Jones subsequently fell by 600 points (-2.44%) and the S&P500 by 51 points (-1.8%).
Due to yesterday’s drop in the price of Bitcoin, the price of Bitcoin went to a critical level. However, as analyst “Teddy” explained on Twitter, Bitcoin was able to hold above a descending trend line that was recently broken. As Teddy further noted, it is also noteworthy that Bitcoin has been able to hold above the resistance of the horizontal area, which is why the trend of a larger trend is still bullish. Nevertheless, Bitcoin was facing a “retest” and a possible “invalidation”.
作者 : Jake Simmons