Bitcoin Long Term Bullish Signal Confirms; Adoption is the Major Reason
The market sentiments for Bitcoin seem bullish as the price is closed to $9,300. Prominent names and analysts have commented positively on the leading digital asset.
Keith McCullough, the head of Hedgeye, said that Bitcoin is on the bullish trend and volatility is at a low position. He tweeted:
BITCOIN: after a +1.6% week, remains Bullish TREND @Hedgeye with falling volatility pic.twitter.com/kmXGGKPwlC
— Keith McCullough (@KeithMcCullough) July 13, 2020
“Hash Ribbons” Signal
Charles Edwards at Capriole Investments pointed out that the “Buy” signal has been confirmed. His formulated signal “Hash Ribbons” is based on the short-term and long-term moving average (MA) of the Bitcoin hash rate.
#Bitcoin Hash Ribbons "Buy" signal just confirmed.
The post-Halving signal is particularly special.
It will probably be a very long time until the next occurs.…and so the great bull run begins.https://t.co/l90SDYs8kC
— Charles Edwards (@caprioleio) July 13, 2020
Yesterday, the BTC value slumped to as low as $9,053 but then again jumped to $9,150. Today, it is going to take its position above $9,300.
Crypto Adoption by Indians
Crypto markets have seen a great inflow from one of the most populous countries, India. After the Supreme Court of India lifted a ban over cryptocurrency usage in the country, Indians’ interest has been up since that time. Now, the daily crypto trading volume is $10-$30 million.
Ajeet Khurana, the former crypto executive at the Internet and Mobile Association of India (IAMAI said:
“Along with the lifting of the restrictions on trading, the lockdown has also pushed people to stay at home and many people are spending more time on their desktops and many of them are trading more. Trading volumes are quite robust. Daily crypto trading volume in India may be $10-$30 million.”
Ripple official Sagar Sarbhai said:
“Before the ban, India was among the top three or top four countries globally but now it is nowhere near that. With more clarity, a lot of players and exchanges will come and launch in India.”
The trading volume of WazirX, one of the prominent exchanges, has been increased by nearly 400% in the past three to four months.
The adoption of Bitcoin can push the BTC price upward and this is happening. Since the Coronavirus outbreak, investors and traders get attention to it because it can act against the inflation caused by the surplus money printing by central banks.
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