The declining Bitcoin price has been a concern for investors and enthusiasts alike. Bitcoin miners have taken huge losses as a result of declining prices. However, in a major relief, the downtrend looks set to end and Bitcoin price should surpass $300.
Technical Check: See Bitcoin Price kiss $325!
Bitcoin bulls have been staging a strong comeback ever since the price slumped below $200 in January. From $170 in January to $280 in the first week of March, and that is a strong upmove. An easy look at the BTC/USD daily chart above reveals that even as the bulls struggle to take out $300 on the upside, there is no let up in strength, which in itself is a bullish connotation. The market may well be preparing for a major surge and awaiting a small positive trigger. The bears have been unable to exert pressure and the digital currency continues to register higher lows; another bullish sign. The Momentum indicator reading of 25 gives a boost to the underlying positive mood. The target on the upside is the strong resistance zone of $325-340.
Fundamental Check: It is better than before!
Bitcoin had long wanted the support of the national governments to accept it as a future currency, but unlike before, when central banks were strongly against the cryptocurrency, they are now viewing it as a ground-breaking invention which can be used to create more jobs, fight deflation, and bring about a technological advancement last seen during the Internet revolution. In fact, the Chinese government which, on a timely basis, warns its citizens not to invest in Bitcoin and other cryptocurrencies, has had a change of heart and is harboring the most promising bitcoin startups in its backyard. London has recently emerged as the hotbed of Bitcoin innovations. Various nations such as Utah and Greece are also strongly considering the implementation of Bitcoin in daily life.
Things are improving, yet at their own, natural pace. But, the bitcoin community and the investors are being patient to reap huge rewards when the time comes.
Image: www.ieet.org
