Bloomberg tends to focus on financial assets across the globe. They have predicted that a drop may ensue in the coming days; thereby causing the value of BTC to fall. Check this out, ladies and gentlemen:
Bitcoin is entering overbought levels and the price is likely to soon decline after becoming overheated, according to the cryptocurrency’s Global Strength Indicator https://t.co/GoR4Bh1UVE pic.twitter.com/T8t3vtaWjg
— Bloomberg Markets (@markets) November 5, 2019
This analysis has attracted criticism from BTC enthusiasts on Twitter.
Bitcoin is positioned at #1 in the market with a dominance rate of 66.8% associated with it. The trading volume recorded stands at approximately $26.37 billion, while the supply has 18,031,887 BTC coins involved as part of circulation. For now, BTC is priced at $9354.62. Bitcoin declined at a rate of 0.49% in the course of the past 24-hours. As of this instant, the total market cap of Bitcoin amounts to $168.681 billion.
According to the candlestick chart connected with the BTC/USD pair on tradingview [based on data obtained from the Bistamp Exchange], this top-ranked digital currency is being affected by sellers. From 31st October onwards, the peaks tied to the Awesome Oscillator all possessed the brown shade, which points towards the arrival of bearish forces that have subsequently impacted Bitcoin’s performance.
The daily RSI [for 14 periods] has remained constant [with slight instances of fluctuations] and currently sits at 58.73. This signifies that BTC is advancing through the neutral zone. Similarly, in the aftermath of 29th October, the MACD line has gradually drawn nearer to the signal line, thereby causing the emerald histogram to decrease and appear faded. A switch may be expected by the dawn of the following week.
Key support lies adjacent to $7324.5, and resistance may play a crucial role at the $9572.95 mark.
3a/ Discover purpose in our lives
⁰⁰Bitcoin Minimalism is about finding truth in yourself and your beliefs rather than in material possessions. Freedom from the trappings of the consumer culture we’ve built our lives around which has been fueled by Keynesian economic policies
— Dan Hedl (@danheld) November 5, 2019