By Hidayat Sultanli
On Sep 12, 2020
The growth of Bitcoin and gold after the surge in inflation of the fiat currency is a positive signal. Almost all Central banks around the world are moving to weaken their currencies, as a result of the easing measures taken and the tense situation in the world. The weakening of the exchange rate of a currency such as a dollar forces investors to invest in other assets. In other words, they are looking for ways to save their funds. And BTC stands out thanks to its recent surge in the market and further growth.
Now, the bull market is driven by an inconsistency between supply and demand, and this is reflected by long trades with excessive leverage in the futures markets. The price falls sharply when the motivational incentives for traders become selling at a premium, rather than following risky longs.
Besides, the price closed above the resistance from the long-term trend line on a weekly scale. After the close, the bulls register a 10.7% increase over the next two days. This step opened up broad prospects, thanks to the new phase of opening the price for BTC.