Posted 2 years ago | by Ben Armstrong
Bitcoin Feeling More Bullish in Spite of $12k Resistance
The Bitcoin price is down about 0.30% today at $11,718.28. BTC Dominance looks like it will not be stopped on its way to 70%. Today it's at 68.8%. The overall market cap in crypto is $304.3B.
This comes amid stocks continuing to plunge. Bitcoin is up 8% over the last 3 days while big tech company stocks lost an astounding $162M. More and more people are waking up to the fact that we have moved to a much more volatile world stage. The US-China Trade War is topping the list of factors causing volatility, but there are actually many other countries such as North Korea, Iran, Venezuela, Germany, the U.K., & others that are also affecting world markets.
There is a great chance the financial markets will continue to fall. Many investment portfolio managers are now suggesting cryptocurrency could be the best hedge against the tumbling world markets & currency devaluation.
Agecroft Partners Founder/CEO Don Steinbrugge believes that not only is Bitcoin a great new technology, but that it is a hedge against inflation. It is no longer smart for investment managers to ignore Bitcoins. On CNBC, Steinbrugge went on to say:
Bitcoin is here to stay. Long term it will be part of a lot of hedge fund portfolios.
The news and publicity for cryptocurrency have been very positive recently, but the technicals are also looking good. In fact, the GTI VERA Convergence Divergence Indicator flashed buy for the first time since June. June obviously was a great month for Bitcoin so it appears that after a rough July, August could be primed to send Bitcoin up over $12k & beyond. It's a very real possibility Bitcoin could be above $15k by the end of the month.
To see more about this story and others watch BitBoy Crypto's latest Bitcoin News Video: