Bitcoin (BTC) shows its strength – an 8% increase breaks significant resistance
April was more like a drop in price this month. However, the situation changed later that evening after the aid was briefly tested at $ 6,200 and then rose to almost $ 6,750.
Bitcoin is very bullish
Bitcoin has experienced a significant upward trend with a recovery of almost 8% when it last made its decision. The price is currently above $ 6,600, breaking a significant resistance at $ 6,500 which can now be used as support.
The new $ 6,200 test follows just a few days after the $ 6,000 test. The test of around $ 6,000 showed that investors always want to see the price higher and not lower, the same can be seen in the test of $ 6,200.
There has also been a significant increase in the volume of daily transactions, from $ 36 billion to $ 41 billion. If bitcoin has a bullish profile, the $ 50 billion is not far behind.
As the Glassnode data shows, investors have bought more Bitcoin than sold in the past 24 hours, which shows that the mood is generally very optimistic.
Bitcoin’s halving is only a few weeks away, which couldn’t come at a better time. Governments around the world are printing more and more money. The United States alone has printed $ 2 trillion, which has not been enough in recent days. For this reason, another recovery plan has been proposed.
While governments are currently showing that fiat is available indefinitely and that pressure depreciates it, bitcoin is limited. In addition, the offer must be halved, which will increase the value over time.
The halving suggests that this event is bullish and more people will buy Bitcoin. If the United States presented an economic stimulus package, it could be the fuel for another strong bitcoin movement.