Price Analysis

Bitcoin (BTC) is POWER and Not Just an Investment Avenue

Bitcoin price gains an edge as it releases from the consolidation below $9.3k and trades around $9.5k, at the press time after having hit a monthly high at $9.55k. Bitcoin, on the intraday chart, is retaining complete support from the daily Moving Averages.

The technical are bullish than ever, and the demand is well reflected by the RSI that lies at 67.16 with a sharp inclination towards the overbought region. However, the question that lies is: Was Bitcoin only meant for having a breakout up to $9.5k?

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BTC/USD Chart By TradingView

Obviously not! BTC breakout is likely to draw a positive sentiment after months of trading laterally. Just when the altcoin market was pumping with notable heights, Bitcoin price kept accumulating around $9.2k and $9.3k with strict support at $9k and $8.8k. Bitcoiners and crypto investors would never fail to believe in Bitcoin, irrespective of its price dynamics at the point in time. Aligned to this, many investors would have taken this consolidation period as an opportunity to long and HODL.

Years back, when Bitcoin was making its space amidst the traditional banking system that has been in place for years now, it was believed by the loyalists and market analysts that it deemed to free from the banks and its pledges.

However, the banks still exist, but the situation is such that today banks are accepting Bitcoin. Well, the co-existence of both is nothing but the growth of Bitcoin while the banks are doing what they did originally.

For the longest time, Cash and Fiat have been the leader, which eventually pushed banks to do what they are doing even today. But this Pandemic has given an opportunity to think of ways beyond transacting in cash and pushing digitalization at the most. Now, what can be better than accepting digital token and smart contract-based cryptos?

With this, the point of a bank being in existence even today gets simplified as Bitcoin and cryptos are now accepted and used worldwide. Is this the growth of banks or Bitcoin and cryptos? Well, the answer to this is clear; we are not far from having “financial freedom” and Bitcoin supports this freedom as we bank on our terms and financial requirements.

It would be an understatement of I don’t mention that Bitcoin lets you be your own bank. Bitcoin is giving a choice and favorable option to adopt their standard of alternative irrespective of which nation you belong to, financial institution’s interests as now over the past ten years it has evolved exceptionally.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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