Bitcoin (BTCUSDT) made a pretty deep correction as it dropped below the 60,000 mark. As fears of markets entering a protracted recession and rising inflation force investors to seek alternative investments, I believe the corrections offer good opportunities to buy.
These are the four reasons to buy Bitcoin right now:
- Payment giant Mastercard will soon announce that its network will support cryptocurrencies. This includes Bitcoin wallets and credit and debit cards for cryptocurrency transactions.
- The interest of institutional investors in Bitcoin is supported by the growth in the number of wallets with over 10,000 coins. Over the past ten days, this figure has increased by 8.64%. Source glassnode.com
- Miners almost stopped selling their mined Bitcoins, causing a decrease in the flow of coins in exchanges. This phenomenon has the further effect of creating a Bitcoin deficit on the market. Source glassnode.com
- Technical Analysis: Prices have moved towards the resistance level of 63.580, which looks quite strong. Exceeding this level would be a good time to open long positions with a target near $ 67,000.
The cryptocurrency market has been a mixed bag last week. Bitcoin corrected after hitting an all-time high, causing a pullback for a whole range of cryptocurrencies. However, some altcoins have gone against the grain and have shown impressive growth.
- Markets continue to be optimistic as trading begins for the first Bitcoin ETF in the US. The total amount of capital inflows into crypto funds since the beginning of the year has been $ 8 billion. After the United States, the Australian Securities and Investments Commission has published the regulatory requirements for the launch of ETPs and ETFs related to cryptocurrencies.
- In a move that brings it closer to the digitization of payments, Amazon Web Services (AWS) is looking for a digital asset specialist who can process transactions and organize storage in the cloud.
- Rumors of the possibility of another financial crisis and a slide into a depression are wandering the markets. With rising inflation, these rumors are causing an increase in demand for cryptocurrencies.
Here are the weekly levels:
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.
