Sellers Exhaustion is indicated on the trend charts of Bitcoin. The MACD histogram of Bitcoin is charting the price points in the higher lows. Several other indicators are also showing signs of overselling.
As Bitcoin trends towards a higher price point, it might have to meet up with resistance at price points at $8,500. There might not be stronger corrective bounce if the prices gain acceptance below $8,000.
The BTC has been trading at $8,130 eventually facing rejection at $8,500. The higher lows on the chart are signs of seller’s exhaustion providing for a stronger scope in terms of corrective bounce.
One of the analyst opinion writers had to say, “If you believe that Bitcoin has a future, then the math is simple. If you assume that only 0.5% of the population has adopted it, and that there are only 16 million to 17 million BTC available, then as adoption inevitably increases the price of Bitcoin will rise significantly.”
Several analysts have been repeatedly expressing that there is a fundamental need for Bitcoin and that the token is here to stay.
Bitcoin is continually projected to be one which would have the staying power to provide for a hedge against uncertainty.
The BTC dominance is currently sustained at around 67%. Despite the overall market decline, there is an overselling of technical indicators and fundamental news performance. Therefore, when an investor makes a decision to enter a position they might be enjoying some additional incentives on their decision.
Despite Bitcoin having travelled a long way of more than a decade, Mark Cuban, the billionaire investor stated that Bitcoin has “no intrinsic value.” He stated this along with several other unenjoyable statements about the token. He further stated that Bitcoin is too complicated for anyone in the mainstream to feel comfortable about using it.
He demonstrated his opinion by stating, “Crypto is so complicated for 99 percent of the population. Do you put it in a device? Do you print it out? How do you keep from being hacked, and who’s going to host it for you?”
There are several other Billionaires from across the world who do not have very good things to say about Bitcoin. Warrant Buffet, the legendary investors has been saying nasty things about the Bitcoin for a long time now. The President of the US is neither a fan of Bitcoin.
Gold continues to be the religion and whether Bitcoin will stand at par is for time to express.