Experienced traders often use reversal strategies to reduce risk and hedge bets to make profits. These profits happen mostly when rallies are unexpected and really good. Earlier this year, BTC was in an upward trend, and this took place in January. This was in spite of indications that sideways trading was happening near the $40,000 price level. Order analysts put it down to buying pressure which was quite significant. This in spite of general negative sentiment and that investors were headed for exhaustion.
According to analyst Johal Miles, BTC’s prices looked like a hammer-like candlestick and was quite bullish on two days – the 24th of January and February. This, according to him was a clear indicator that the long-term downward trend is at an end. A surprising rally put BTC prices above $41,000 and despite this, strong demand from traders in Asia was not forthcoming.
A piece of good news is the possible adoption of crypto as a mode of payment by EBay. Jamie Iannone, CEO of EBay made an announcement on February 27th about including new payment methods and would say more on March 10th. Bitcoin bulls think they have a strong case for prices going up if the EU isolates Russia from the SWIFT system. Besides cutting Russia off from the SWIFT system, the EU also plans to freeze all assets held by the country’s Central Bank.
All these actions indicate clearly how decentralization of BTC offers benefits as an exchange method and offers storage value. If by change BTC price touches the $56,000 mark, investors could see a .214 gain in BTC currency.
