Data released today by Cointelegraph Markets and lookintobitcoin, the online data provider, showed that Bitcoin (BTC) price is still in good shape as a sequential analysis, and BTC’s continued response to global events continues to play on the strengths of crypto assets.
Half of the Bitcoin bonus came almost a month ago, and many analysts believe that the accident did not lead to major investments before and after the half was expected. Nevertheless, there is evidence that retailers and institutional investors are still focusing on combining bitcoins and other digital currencies.
As Skew data shows, Bitcoin continues to lead among asset classes as the most effective asset with a 35.95% increase year on year.
Recent reports have confirmed that evidence of increased interest among institutional investors is that the director of the cryptocurrency fund, Grayscale Investments, “has accumulated bitcoin at a rate equivalent to 150% of new currencies miners have received since the bonus doubling on May 11th.”
In addition, hedge fund manager Paul Tudor Jones announced in May that Tudor Investment Corp had allocated about 1-2% of the money managed for Bitcoin CME futures.
Retail sales continue to grow
There was also a marked increase in consumer interest in cryptocurrencies, and the digital payment service recently announced that Bitcoin revenue grew 71% from the previous quarter to $ 306 million.
Bitcoin entry is increasing sharply due to global uncertainty, and the increasing popularity of cryptocurrencies has led to bitcoin exchanges between Paxful and local bitcoins, as there is increasing demand in Africa and Latin America.
The series data supports the current bullish outlook
According to lookintobitcoin, standards related to the basic principles of the Bitcoin chain remain wavy, despite surrender threats and turmoil after halving production in global markets.
Even after the March 13 disaster, to $ 3,750, the number of Bitcoin titles was still growing with a balance of less than 1 BTC.
Data from this series also shows that long-term investors are still being held in crisis even after being cut in half, indicating that Bitcoin holders will not sell in the short and medium term.
Investors see the decline as buying opportunities
To date, Bitcoin price is still facing $ 10,000 resistance, but the asset is still in trend since investors bought at least $ 9,500. According to the creator of Lookintobitoin Philip Swift:
“The recent convergence between the 200-day moving average and the 128-day moving average creates an area of important price support. During the 17/17/2016 market, the 128 MA was an important price support. Again, two weeks ago, the price fell on The spot went back to the $ 10,000 range. ”
Swift also clarified that while Bitcoin continues to test the $ 10,000 range, “it’s worth noting that withdrawing from $ 10,000 each time becomes less violent, assuming buyers come earlier, expecting that in the end, $ 10,000 will end.”