Bitcoin is seen lacking momentum for quite some time now, while alts like Verge and VeChain have enticed a new cluster of investors due to their startling momentum over the past 1 week. BTC recently tested support around $8.95k but rebounded instantly to reclaim $9.5k while currently trades at $9,478.95.
The king of cryptocurrencies by market capitalization has not lost its utter charm, but the current friction between the investors and Bitcoin is seen moving sideways due to altcoin’s startling momentum. However, the interest remains intact.
Moreover, we would have failed to recognize the benefit of decentralized based cryptocurrency, and with Bitcoin leading the global crypto market, we ought to know that it is “Antifragile” and is beyond flexibility and robustness. Moreover, due to decentralization, we remove the role of government, and thereby investing in Bitcoin attracts more benefits than costs. The below tweet and chart explain how Bitcoin is the future of the industry.
"Decentralization eliminates moral hazard and ensures system survival at the same time… There are no bailouts… Whether borne from exogenous shocks or internal errors, #Bitcoin feeds on disorder, stressors, volatility and randomness…"@parkeralewis https://t.co/QGEjxs5rEf
— Robert Breedlove (@Breedlove22) June 17, 2020
Moreover, due to massive economic standstill, the government has been printing bills with probably no overview of hyperinflation in years to come. The increasing amount of debt and the related cycle is going to bring a common man on its knees as he pays back.
With this, the debt cycle will keep on continuing until there happens to be a generation of excess cash to be debt-free. However, important to note that excess cash is profit and not free cash that is in the process by the government.
The entire economy is being saturated with more and more debt.
At some point, the house of cards will tumble. Without #Bitcoin, you're going to have a bad time.
— Jimmy Song (송재준) (@jimmysong) June 16, 2020
Now, the most profitable investment, if emphasized, is nothing but BTC, which can lead to a nonlinear flow of profits, once invested. It was just during the massive market crash in March when the world was experiencing one of the massive recessions of all times, Bitcoin and cryptocurrency rebounded commendably than any other traditional investment avenue proving, “Bitcoin is the future.”
With this, Bitcoin and cryptocurrency have received enough fame, which was lacking until now, as people around the globe searched for income and profit maximization through the internet, while in lockdown. The stats have been glorifying the reach BTC has lured due to its power and endurance for investors.
— Dr. Block (@blockdic) June 16, 2020
Bitcoin Price Analysis
On the daily chart, BTC is drawing a slight downtrend since the onset of the month against the US Dollar. However, it is retaining slight support from 50-day and 200-day MA due to recent rebound after the coin retested $8.9k support in the intraday. Moreover, the Bitcoin price trend also appears flat as it trades in a narrow range below $10k after an unsuccessful attempt beyond the given resistance.
The technicals appear bearish if we analyze the YTD chart, the signal line is seen crossing above the MACD line while the RSI of BTC is at 50.70 and holds no trading extremities.