By Bentley Kapoor (India)
Bitcoin is approaching the mark of $9,800 from the past 2-3 days but still, not successful in crossing the resistance level-existing in the region between $9,800 and $10,000.
According to many bitcoin maximalists, the above-mentioned resistance level is hard to break. On the hand, we have not yet witnessed the selling trend on the part of investors. This shows that bulls are making their efforts to rise above $10,000.
In case of the bulls’ progress I breaking the intense resistance, the next target of the Bitcoin is $12,000. For example, a bitcoin trader and investor, George, believes that the trend line will achieve the level of $10,200 and then, value will reach the figure of $12,000.
10.2k at least imo. Clean break above and I'll be targeting 12k. pic.twitter.com/ldX3wkY7Bv
— George (@George1Trader) February 7, 2020
Technical Indicator, Delta Volume
A crypto analyst, Cantering Clark, shares the chart showing the bitcoin volume delta, a technical indicator. Bitcoin volume delta is normally used to guess about the imminent bullish rally. But the speculation based on the indictor is still unclear that whether it will go above the strong resistance level (9,800) or not.
Also read:As Clark points out in his Tweet:
‘’This one seems a bit simple right now. Pretty obvious cumulative volume delta divergence. You hope for setups this conspicuous. Area heavily sold. Now just get price back above 9800 and lean on them. Right under key market structure. No major rejections, just grind.’’
Coinbase called bitcoin the ‘Digital Gold’
A very famous cryptocurrency exchange, Coinbase, in its recent blog post correlates the bitcoin with the digital gold. They matched the both assets with respect to scarcity. The gold has more value than the other metals: this is due to its scarcity that is not present in any other metal. Bitcoin like gold is also created keeping in view the scarcity. That’s why bitcoin is the digital gold.
Bitcoin Macro, the BTC trader and analyst, is very positive about the bitcoin and its bright future. As he says, ‘’ Soon, demand for Bitcoin will be far greater than supply.’’ He went on further while saying about the price upsurge ‘’ Once people realizes this, price will skyrocket. We could literally see $BTC pump by 100% overnight.’’
Bitcoin is surpassing the past 5-months record in terms of daily transactions, according to Blockchain.com. On Feb.5, the daily transactions of BTC reached to 368,604; the same figure was seen last in September, 2019.
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