Although Bitcoin has dropped to $ 3,800 in recent weeks, it has almost doubled its value already. Those who think that the rise of Bitcoin will continue, think that these three important signals can further encourage the bulls.
FED Announces Unlimited Monetary Expansion
The first of the reasons was the announcement of the Federal Reserve yesterday, which enabled both Bitcoin and gold to rise. FED’s unlimited explanation for monetary expansion led to an outflow in assets with limited production and quantity. The fact that the United States will take all precautions and fight money when it fights with the Covid-19 crisis means that the price will increase even more.
Technical Indicators Still Positive
It is not below 200 MA which is an important technical level not only for Bitcoin but also for many assets. The fact that bitcoin has not dropped below 200 MA after the sharp decline can be considered as another positive development. As BTC stays above this level, there is a possibility that an increase may come.
About to Defeat China Coronavirus!
Another positive factor seems to be the main responsible for this decline, Coronavirus. Life in China has slowly begun to return to normal, and sales with Coronavirus panic can now return to buying. Although the US market is still dealing with the disease, China’s defeat of this disease will send a positive signal to many investors worldwide and the markets will be positively affected.