As the dinner digital currency is on its way to peek out and move towards breaking above the $ 13,000 line to 80% for the year, outperforming all leading stock types on the S&P 500 to nearly all infamous FAANG members, including beating Amazon. Facebook and others
The performance of Bitcoin this year was outperformed and very impressive, as shown in the market indices, it showed a return on the S&P 500 close to 1600%, almost triple the Nasdaq, which is up 33%.
Millions of US investors invest and buy Bitcoin after Paypal's announcement to allow customers to buy bitcoins along with other digital currencies such as bitcoin cash ether or lite coin and others by using the PayPal app directly and digital currency support for your social payment app. Venum and make it available around the world next year. This news brings a lot of news to raise bitcoin prices from Stone Ridge Asset Management Square and MicroStrategy and others.
Bitcoin market behavior change
In the past, when bitcoin reached its highest price in 2017, the price reached 20,000 US dollars, it was like a bubble without any guarantee of consistency or reaching the same place again, even some experts and industry insiders were very optimistic.
Now, in the year 2020, instead of a rapid spark of high values, there was a gradual increase in the price of BTC as opposed to the last years, the trend of macroeconomic spending as inflationary of national banks instead of fiat currency, high-powered computers and the latest technology to rate users' account is available, to know more about the Bitcoin visit bitcoin code trading platform.
Bitcoin's next move
Over the last few days, Bitcoin has risen to $ 13,000 before falling back to around $ 11,900 the price rose again to $ 12,000 and continues to push back at this point, seeing this fluctuation most analysts suggested that bitcoin still is in the process of coupling with the dominant digital currencies available and alongside US equities
The first resistance of $ 12000 needs to be changed to get support and it will be difficult for BTC to cleanly pass the first test again according to some industry experts. BTC trading will remain positive. Bitcoin will behave as a safe haven asset.
Will the US elections affect Bitcoin?
Like any other asset in bitcoin, any big news or upcoming events will also go into effect, such as when PayPal announced the possibility of using bitcoin, its price skyrocketed and crossed the $ 13,000 line due to heavy buying from customers, with the arrival of the US presidential election 2020 digital currency traders and investors are sharing their prediction on the reaction of the price of Bitcoin in the event
If it is clarified who will be the next winner and the transfer of power smoothly, it will not show any special effect on other currency trades, but if the choice will be closed or contested, the market may show some high bounces on risk-free assets like Bitcoin. and gold
Currently, the government failed to stimulate money into the equation on greater support for the economy, as both the digital and crypto markets are showing news effects, so the president decided not to speak on this issue until November, which is election month in the US.
After the US presidential election, we may have a better idea as the economy will open up as we expect and citizens believe they will see a better opportunity in the state's economy along with a healthy change in the price of BTC and Bitcoin is struggling to maintain. raise resistance levels on the weekly chart
China's investment in Bitcoin
Another reason that has played a major role in the breakout of bitcoin, the Chinese government is playing to launch DCEP at the end of the year and waiting for approval from the central or people's bank of china because so far the bank has not given the date. to launch nationwide when it will launch, will allow the user to link bank cards to their e-wallets to transfer money and other transactions
No one can predict the expected launch date because the bank is under a lot of pressure from the government because they did not want the world to take over the digital currency, which will be worse for their economy according to them.
