You’re never too late to invest in Bitcoin or crypto as these digital assets now lure networkers and investors from all around the world not just as investment avenues but due to the underlying technology. Bitcoin is filling the gap between the current financial system and an upgrade to experience “Financial Freedom.”
It's not too late to look into this #Bitcoin thing. In fact it's incredibly early.
— Aaron Arnold (@aarontarnold) August 5, 2020
Bitcoin (BTC), after approximately 30 days of trading laterally, is now back to trading above $11k and it has notably breached the yearly resistance. The recent gush in the global crypto market has led to gaining a notable momentum as the cryptos recover full-fledged after the massive market crash and sell-off in March due to the outbreak of Coronavirus.
Bitcoin, as a new investment avenue, is often compared to the oldest investment—Gold and not to ignore that Gold has been hitting fresh ATHs too. But the fact that BTC is gaining massive impetus along with the fact that it has a limited supply and will not be thereby manipulated.
Talking about the ongoing Pandemic, we all have it noted that Bitcoin and cryptos held strong support when the entire market was torn into pieces, including Gold, Silver, Stock Market, Oil, etc. Although, we cannot deny the fact that BTC tested supports near to yearly lows as well but now, it has strengthened by over 200% as it trades around $11.3k.
FACT: A pound of gold drops faster than a pound of #Bitcoin.
— Cameron Winklevoss (@winklevoss) August 4, 2020
Bitcoin Price Analysis
Bitcoin, towards the end of the previous month, was seen drawing an uptrend and with a bullish candlewick above $12k and an immediate drop to $10.5k. However, the dip after the momentary rise held strong support and refrained from nosediving below $10k. The coin recovered to trade above $11k, and BTC/USD price trend is seen between 38.20% and 50.0% Fib Retracement level. The 20-day Bands do not project any unprecedented volatile breakout.
Although, with intraday positive sentiments, the MACD chart is holding a bullish divergence and the RSI is also inclined towards the overbought zone at 68.16. With this, BTC is believed to hit a fresh ATH, although this cannot happen without a correction.