Bitcoin is currently in a massive rally, and it is looking to turn to technical analysis for a catalyst. The price of the Bitcoin has been going above the upper Vera band limit.
Edward Moya, Chief Market Strategist at Oanda Corp., stated, “Bitcoin looks like it could be coiling for a big breakout as institutional interest for blockchain technology shows no signs of slowing down.”
The increase in the price of Bitcoin is a natural reaction which has been triggered by the changing cryptocurrency environment with pro-market forces.
“The support from mainstream entities will propel digital tokens forward.”
Bitcoin has been touching upon the highest price in the year 2019. The amount of Bitcoin is up by 250% this year.
The latest Bitcoin breakouts are sustainable, and the Bitcoin dominance rate has increased by 64%, which is the highest ever since April.
An increase in price and dominance rate is indicative of investors pouring money into Bitcoin market for the long haul. Improvement in the dominance rate adds to the credibility of Bitcoin. The 14-day RSI holds well above 50, indicating bullish conditions. The resistance-turned-support at $12,061 is keeping the bulls in the game.
Inflation in Venezuela is at a million percent, and it might reach 10 million this year. Food and medicine are too expensive for purchase.
Maduro is refusing to declare a “humanitarian emergency.” Anti-government activists abuse the lack of foreign assistance. Under this situation, some of the Venezuelans are resorting to cryptocurrency facilitating the delivery of charitable donations and remittances.
While Venezuela at this point is suffering a worse economic crisis in history, the country is evolving as a unique case study for digital money to make aid possible, thereby decreasing suffering in distressed countries.
Cryptocurrency powered aid is making a lot of difference in Venezuela. Several local charities have initiated Bitcoin for Venezuela Initiative, also known as EatBCH. The charity is receiving donations in cryptocurrency from across the world to purchase food for the needy in Venezuela.
There are apps which make it possible to send Bitcoin to family back home in Venezuela in just moments, thus incurring only a small fee. The Bitcoin is sent to the phone, and this transaction is safe from government interference, and it can be liquidated easily through local exchanges. Conventional payments are becoming increasingly difficult. For all of these practical reasons, Venezuela is being ranked as the fourth country in Bitcoin trade.
Joe Waltman stated, “Crypto has the highest likelihood of being helpful to people in places where the money is broken … and there’s probably a no better example of broken money right now than Venezuela.”