The price of Bitcoin (BTC) has been steadily hovering around the psychologically significant threshold of $30,000 for the past three weeks or so. Top experts and the developers of the stock-to-flow (S2F) model PlanB have speculated that the bear market may have ended due to Bitcoin’s resiliency in the face of regular market volatility and uncertainty.
On his official Twitter account, PlanB thanked his more than 1.8 million fans for surviving the “worst Bitcoin bear market ever.” The tweet was accompanied with a Bitcoin 200-Week Moving Average, which displays a steady upward trend and the price of bitcoin as it is at this moment closing over the trendline.
Bitcoin fundamentals
Many cautious investors have been persuaded by the maintenance of this support at the $30,000 level that the negative volatility connected to the Bitcoin ecosystem may have peaked.
A number of the digital currency’s favourable fundamentals serve to support this belief. For instance, as a sign of support for other Wall Street companies who might be considering taking similar action, MicroStrategy has continued to amass the top digital currency.
Exchange Traded Funds (ETFs) for spot Bitcoin have seen renewed attention over the last few weeks, with new hype being supported by American financial management BlackRock Inc. Firms like Fidelity Investments and Invesco, many of whose prior applications were turned down by the U.S. Securities and Exchange Commission (SEC), followed BlackRock’s registration for the first Bitcoin ETF.
The SEC rejected the most recent filings because they were insufficient, but some of the companies researching this product have refiled their applications and signed a surveillance-sharing agreement with Coinbase Global Inc in the hopes that the most recent changes will be judged acceptable by the SEC.
The technical indications and the convergence of these favourable tendencies have caused PlanB to express optimism about the conclusion of this bad market.
