Streisand Effect? Bitcoin (BTC) Weather Through FUD, Bulls Firm

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin prices steady above $5,000
Volumes drop by 80 percent from 54k of Apr 2 to 11k of Apr 9

Even with FUD around China’s NDRC proposal of banning Bitcoin and crypto mining, prices are steady. It is up 7.4 percent from last week’s close as buyers aim at Q4 resistance previous support at $5,800–$6,000.

Bitcoin Price Analysis

Fundamentals

It’s a new milestone for Bitcoin. For the first time this year, the network processed more than 400 million transactions, up 50 million from daily averages of around 350 million. With an average block size of 1.2 MB and up-time estimated at 99.98 percent, Bitcoin is reliable and drawing more users by the minute.

Just to put this in perspective, in early April, the number of users—gauged from BTC wallets—surged past 25 million and is now up 45 percent to 35 million—and rising, mostly thanks to increasing demand as prices look to clear essential resistance levels. At this pace, the Bitcoin (BTC) market liquidity is deep, meaning volatility is also low as more investors pour their hard earned or pooled capital to the world’s first most valuable coin.

However, what is impressive thus far is the ability of the market to “ignore” FUD around National Development and Reform Commission (NDRC) proposal of ban Bitcoin mining in the world’s second-largest economy. Because of “non-compliance” and general wastefulness, the commission says Bitcoin and cryptocurrency mining–which is itself a multi-billion industry spearheaded by a Beijing-based Behemoth, Bitmain, ought to be phased out despite what it contributes to their slowing economy.

Candlestick Arrangements

Meanwhile, Bitcoin (BTC) prices are resilient, up 7.4 percent in the last week and trending above the psychological support of $5,000. At this rate, it appears as if bulls are resilient, soaking sell pressure and FUDs as bulls aim at $6,000 or higher as laid out in our previous BTC/USD price analysis.

Note that aside from clear uptrend visible in the weekly chart, BTC bull bars are banding along the upper BB. Although there are lower lows relative to the upper BB, we shall consider this bullish as long as prices are above Apr 2 highs at around $4,900 to $5,000.

Technical Indicators

Volumes are dropping, and after yesterday’s 11.9k records, participation level is low. However, this is normal and should BTC drop further, then–as mentioned above; these draw-downs ought to be at the back of low transaction volumes below Apr 2 at 54k if indeed bulls are in control.

Chart courtesy of Trading View

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.