Bitcoin is roaring against USDT as the stable and strong bulls have lifted the price by more than a whopping 118%. With that, the BTC price has climbed up by more than 5400 USDT. As shown in the chart, the currency is repeatedly knocking the 10,000 USDT price mark for the last one week, noting how the 10k USDT mark is acting as a strong resistance.
Bitcoin Price Analysis
Compared to the Mid-march crash, BTC has recovered efficiently and is firmly trading above 8500 USDT. The coin holds a support area between 38.20% to 61.81% fib levels. The investors have been able to gain profits by more than 75% since May 1.
Moreover, with a bullish outlook, Bitcoin is above the 200-day EMA line while testing resistance above $9800. BTC is approaching the 0% fib level with a positive bias while the MACD chart has just formed a bullish crossover.
Harry Potter Author J.K. Rowling Shows Interest in Bitcoin…and Twitter Just Can’t Keep Calm!!
While the foremost crypto coin is in an exciting trading position these days, it has managed to grab the attention of an amazing writer celebrity J.K. Rowling, who has been influencing many generations with her phenomenal work. Here, we can see Vitalik Buterin, Co-founder of Ethereum trying to enlighten Rowling with his tweet:
It’s a digital currency. There’s ~18m units of it. It’s not backed by anything, it’s just valuable because it is, like collectibles.
There’s a network of computers (which anyone can join) that maintains a decentralized global excel spreadsheet of how many coins each person has.
— vitalik.eth (@VitalikButerin) May 15, 2020
Later, Elon Musk, the CEO of SpaceX, too joined the conversation:
Pretty much, although massive currency issuance by govt central banks is making Bitcoin Internet 👻 money look solid by comparison
— Elon Musk (@elonmusk) May 15, 2020
Bitcoin Gets the World Curious…Is It the Recent Halving?
Notably, the very recent Bitcoin halving seems to have stirred the crypto community to quite an extent. The ongoing price trend of BTC has attracted larger chunks of investors towards digital currencies. Especially, the Indian platforms have witnessed their user base doubling over the last one week.
India’s most prominent exchange, WazirX witnessed its trading volumes increase by 275% in the last one month. Nischal Shetty, CEO of the exchange, expressed optimism about Indian investors’ interest in digital currencies. He advised getting into the crypto space with a long-term perspective.
Talking of any long-term perspective for Bitcoin, traders are likely to stick to the HODL position for now. While the coin is already fetching towering profits above 9800 USDT, the market is waiting for the BTC to hit the 10k USDT mark.