Bitcoin (BTC) is up over 30 percent on a year to date basis. It has outpaced the likes of Dow Jones, S&P 500, Nifty 50, and Sensex of India, an economy which is having the highest projected growth rate in the coming years.
It is to be noted that Bitcoin, the world’s largest digital currency by market cap, ascended over fourteen percent on 30th April regaining its pre-coronavirus bull run of 2020.
Forbes report mentioned,
“Bitcoin is now trading at a critical inflexion point, where significant Fibonacci retracements, 50-day moving averages, and 10-day moving averages converge on the daily chart.”
The turning of the aforementioned resistance level to support might witness “further price action upside towards $9,300”.
With the piercing gush, BTC has reclaimed its place as the highest mounting asset class of this year once again, outstripping the likes of corporate bond, gold, stocks, and even crude (Oops!).
At the time of reporting, Bitcoin is changing hands at 9365 USD a pop with a market cap of over 172 Billion USD. It is up by 4.16% in last 24 hours.
What do you think about the latest bull run of Bitcoin? Do you think it is sustainable? And for how long? Let us know your thoughts in the comments below about the above post about Bitcoin India News!