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Bitcoin Stabilizes Above $16,000
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Okcoin CEO Expects Bitcoin Bear Market to be Driven by Key Developments
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Cryptocurrency May Come Under Pressure After Breakdown Below Moving Averages
No Santa Claus Rally for Bitcoin (BTC/USD) Lovers? this is the clearest sign btc price Dropped below the moving average. Despite the bulls successfully defending $16,000, bitcoin is far from a bullish market. However, the CEO of crypto exchange OkCoin is throwing insight into what to look for in a bullish bitcoin movement.
Hong Fang believes that the need for stronger monetary systems will drive bitcoin and crypto. According to the CEO of OKCoin, the failures and shortcomings of existing centralized currency systems could be driving bullish markets. Already, some countries are testing their monetary systems with bitcoin and crypto. Notable in this pack are El Salvador and the Central African Republic. Will more countries join? Feng thinks so.
The second event is the bitcoin halving event in 2024. Fang wonders if it is a coincidence that previous halving events have been increasingly linked to crypto markets. In this regard, he expects the next cycle to be associated with a bullish market for Bitcoin.
Then there is the last and third bullish trigger – Use Case. The CEO says there are a lot of projects being built in crypto in a bear market. He expects the projects being built now to be the next trigger of the bull cycle.
From the views of the Okcoin CEO, it is clear that he refers to the long-term focus on BTC. However, a technical perspective paints a different picture for the short term.
btc price outlook and analysis
A technical perspective suggests that bitcoin is struggling after a minor decline. The moving averages are providing resistance to the BTC price. RSI remains below the midpoint.
Is BTC Ready To Touch Lower Prices?
Bitcoin There is a lack of a directional movement. $16,000 is the price to watch, although the cryptocurrency has stabilized at this level. On the bullish side, $19,000 is the price limit. An upside recovery may welcome further gains.
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