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The sudden spike in selling pressure pushed the flagship cryptocurrency to a low of $62,050, easing nearly 5,000 points in market value. Although prices have bounced back above $63,000 in the last few hours, it remains to be seen whether BTC can hold above support.
According to Cointelegraph business editor Sam Bourgi, Bitcoin is viewed by many as the best “hard money” alternative to sovereign currencies and:
Stock, J. H. and M. W. Watson (1993), “A simple estimator of cointegrating vectors in higher order integrated systems”, Econometrica, 783–820.
Having a capped currency means Bitcoin can be used as a store-of-value investment tool. Investing in a store of value currency can be compared to investing in gold. Although there is some transactional value in gold, it is mostly used as a store of value.
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This positive view will invalidate if the price turns down from the current level or the overhead resistance and plummets below the support line of the wedge.
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With its bullish structure now invalidated, those looking for long positions will need to eye support levels at $2.44 and $2.2. Should the crypto market remain bearish (with BTC having a probability of revisiting $60-62K), these levels are likely to come into play.
Considering there are no sudden jolts or risks ahead for cryptocurrency markets, SafeMoon is all set to affirm its strong position as a major attraction among its investor community. The road ahead is full of petals provided the investor confidence keeps booming, resulting in a major push to the price, taking it across all barriers scaling $0.000011.
Safemoon members are now joining competing crypto coins, like Bitrise, in thousands, and this could continue if Safemoon team does not address the fundamental issues. However, Safemoon remains as one of the strong crypto coins, but the dominance might be short-lived.
Former Trump principal deputy solicitor of the U.S. Department of Interior Gregory Zezan argues cryptocurrencies and stablecoins give people financial freedom, which the Biden admin is fighting against.
Marketplaces allow users to promote their NFTs, where buyers can browse through and bid on what they would like to purchase.