It’s not there yet, the $ 60,000. But the overall situation remains “superbullish.”
The Bitcoin price has not yet reached the $ 60,000 mark on a sustainable basis. Even so, there is still no reason for the bulls to throw their horns in the grain. At least if the professional trader Robert Rother has his way. So-called points of control (POC) can be derived from the volume profile of a chart. These are price brands where most of the BTC changed hands. These points of controls often mark important supports and resistance areas at which the Bitcoin price works off. The $ 60,000 mark is currently forming a strong resistance, which is also reflected as the POC.
The chances are good that the “60k” will tackle again soon. This is what the development of the OBV indicator suggests. The OBV is calculated from the total volume of a trading day. When Bitcoin has closed higher than the day before, the volume increases. On the contrary, it is assumed that the volume has decreased. The sum of the positive and negative volume finally forms the OBV line. With Bitcoin, the OBV has only known one direction since mid-January: up. Robert’s conclusion to the OBV: “ At the moment, everything is absolutely bullish.”
“First they ignore you, then they laugh at you, then they fight you, and then you win” — this quip of an American trade unionist, incorrectly attributed to Mahatma Gandhi, often makes the rounds in the crypto space when it comes to the attitude to describe (central) banks in relation to digital gold. In this scheme, Deutsche Bank is now somewhere between “laughing” and “fighting.” Because at the largest German financial institution, the penny — or rather the Satoshi — has fallen that Bitcoin can no longer be ignored.
Bitcoin’s $ 1 trillion market cap makes it too important to ignore. Large players who buy and sell bitcoins have considerable market-influencing power. As long as asset managers and companies keep getting into the market, Bitcoin prices could continue to rise.
What Deutsche Bank thinks of the intrinsic value of Bitcoins is already reflected in the title of the paper: “Bitcoins: Can the Tinkerbell Effect become a self-fulfilling prophecy?”. The Tinkerbell Effect describes when something only seems to exist because there are people who believe that it exists. The Tinkerbell effect is named after the fairy of the same name from Peter Pan.
In contrast to Tinkerbell, who had a near-death experience in the wake of a 51 percent attack by children who no longer believed in them, the Bitcoin network is in excellent health. The hashrate — the indicator of the computing power with which miners secure in the Bitcoin network is still at a high level.
Bitcoin’s security — one of the biggest selling points for BTC — grows with every hash.
P.S. You Can Support me For Free Through ALL of these Links and earn some Crypto/Money Yourself! https://allmylinks.com/zealdorn
Disclaimer: These lines are not a substitute for investment advice, investments in the crypto market are made at your own risk. Invest only as much as you are willing to lose. I get commissions for purchases made through links in this post.