Bitcoin is well positioned for a strong weekly close
At the close of the weekend Bitcoin price action was positioned at a good level near $70,000, which left a sense of uncertainty as the price was expected to continue for longer in a sideways channel between $66,000 and $68,000 looking for liquidity oxygenating the next big move.
In this sense we have had an atypical weekly close for Bitcoin as at the time of writing this post the price action was above $69,300, according to William Suberg "Bitcoin is well positioned for a strong weekly close, but not everyone trusts the traditionally unreliable BTC price action over the weekend."
For Michaël van de Poppe, founder and CEO of trading firm MNTrading, the area immediately above USD 69,000, where the BTC/USD pair was acting at the time of writing, was "crucial."
On the other hand, it was noted that "A spike in net flows among U.S. spot Bitcoin exchange-traded funds (ETFs) last week had set the tone, along with news that bankrupt crypto-lending firm Genesis had finished selling billions of dollars worth of shares in the Grayscale Bitcoin Trust (GBTC)."
At the same time, the world's largest asset manager BlackRock, one of the ETF traders, revealed that it had added several big-name U.S. banks as "authorized participants."
SOURCES CONSULTED
Cointelegraph. Bitcoin bulls nudge at $70K as BTC price sees 'not typical' weekend. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
Your words of conviction and experience are commendable. Bitcoin should be viewed not just as an asset, but as an independent currency. Listening to your thoughts makes it clear that the real value of Bitcoin is in its evolution, not in unfair conventional wisdom.
Hello @danish578
Over time the Bitcoin evolution has allowed it to position itself beyond technological structures, to the point that today financial institutions are beginning to adopt Bitcoin as a monetary unit.
Best regards, be well.
I do not trust anyone who thinks bitcoin is an asset .
I've been buying bitcoin since it was around 350$ each and did so a little at a time because i viewed it as a currency independent of all governments and regulations. it is a shame that most that are buying now are opportunists and not visionaries like before. Its a shame that the peer to peer world is being ignored by most.. folks as Will you sell your crypto when it gets to X Y OR Z? Why would anyone ever sell it when they can spend it or borrow against it? I love when folks in the MSNBC and other experts say "the crypto market" AKA that idiot CRAIMER. it is thaen that i know they know nothing.. BTW Thanks for your insites and work on this site.
Hello @monetaryrealist
I think that beyond trusting from the beginning in Bitcoin, still the system must grow and consolidate, for that to happen we must accept that here will come institutions and millions upon millions of people opportunistic or not to invest.
Best regards, be well.