Bitcoin looks subdued even after yesterday’s CPI data. With the market waiting for things to happen, Bitcoin could be a surprise.
There is still a lot of fear in the crypto market. FUD is everywhere in mainstream media. Regulations are shutting down, and the U.S. still seems hell-bent on shutting down cryptocurrencies.
Bitcoin Rally Continues?
However, Bitcoin’s current support level remains around $27,000, having fallen below $26,800 this week. The downside wick is still being bought, indicating that there is still a lot of interest in this Bitcoin rally.
If the price unexpectedly rises above the downtrend line from April 10, there are a lot of short positions around $30,000 to $31,000 that could get squeezed out, allowing a quick move to higher $36,000 above areas.
Protect your purchasing power
As mentioned, there is a lot of FUD around crypto, and this does include Bitcoin to some extent, considering Biden wants to impose higher taxes on crypto mining in the US.
However, of all cryptocurrencies, Bitcoin is the most decentralized and unstoppable. We’ve already seen what happened when China completely banned crypto trading — mining operations just moved overseas, and now Bitcoin mining in China is on the rise again, generating the second-largest computing power in the world.
The banking crisis isn’t going away anytime soon, and it could get worse. The US economy could be headed for a severe collapse later this year and in 2024 while the Russia/Ukraine war continues.
As the dollar and all other fiat currencies suffer more and more depreciation, people will need a way to protect their purchasing power as central banks are doing the only thing they can still do which is printing more money.
The Bitcoin Bull Run Is Still Yet To Come
The mainstream media will continue to publish crypto scams of this and that, many of which are true. What the mainstream media won’t tell you, however, is that some crazy innovations in Bitcoin and crypto could change the financial landscape as we know it.
Bitcoin will enter a bull run in the next year or so, and some of the best cryptocurrency projects will likely join it.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.