Bitcoin (BTC) Back to Green as Square’s Report Reveals Overwhelming Demand
Today’s Bitcoin (BTC) News
There is tension, and according to Anthony Pompliano, the co-founder of the asset management firm, Morgan Creek Digital Assets, global banks are diversifying away from the USD, hedging against possible downturns.
Naturally, given the inclination for gold, reports indicate that banks are raking up the world most valuable precious asset. In Q1 2019 alone, reports from the Financial Times reveal that they bought upwards of $15.7 billion worth of the commodity, representing a sixth of the world’s global demand for the asset.
Because of this pressure, Pompliano, a vocal Bitcoin supporter and permabull, said the same bank will eventually turn to Bitcoin as an alternative digital store of value, further diversifying. Bullish, he was countered by Peter Schiff, who before his appearance at CNBC Africa said his involvement early last month was the reason why BTC prices slumped.
The gold bug also insisted that Bitcoin, which he claims is turning to be some sort of “religion” is a bubble with no intrinsic value. Even so, the demand for the world’s most valuable digital asset is on the rise as statistics from Square reveals. More than doubling their BTC revenue, the company recorded $125 million from their Cash App.
This is more than double from what they registered in Q1 2019, indicating how users, given the rise of Bitcoin prices from March 2019 not only benefited the company but investors who capitalized on the price expansion.
BTC/USD Price Analysis
1 BTC/USD =$45,045.7154 change ~ -0.59%
At the time of writing, BTC is back to green, adding 4.2 percent and 6.1 percent in the last day and week respectively. Bullish, demand for the asset is back, lifting prices from the main support at $9,500. However, while bullish and precisely what the world wants to see from the asset given last year’s lull, previous trading conditions are yet to be fulfilled.
Unless otherwise there is a sharp close above $11,200, the immediate resistance level, bears are in control. In light of this-and countering the general assumption that BTC is bullish in the immediate term, every high would be a selling opportunity for aggressive traders.
Targets will remain as before at $9,500. Break below this level would trigger a sell-off to $7,500 as mentioned in previous BTC/USD trade plan. Such a move would confirm the sellers of June 27 and trigger a rather delayed correction. However, any increment above $11,200 automatically nullifies this overview, setting the base for $14,000 and $18,000 in a trend continuation phase revealing buyers of Q1 and 2 2019.
Disclaimer: Views and opinions expressed are those of the author and is not investment advice. Trading of any form involves risk. Do your due diligence.