Recent Statement By Fed Chair “Vindicates” Bitcoin Loyalists

Recent Statement By Fed Chair “Vindicates” Bitcoin Loyalists

Bitcoin is going through its very first global economic crisis and it is doing exceptionally well.

The Coronavirus pandemic has forced governments and apex banks around the world to take extreme measures in cushioning the effects of the prevailing crisis on the global economy. It is recorded that over $8 trillion has been spent in combating the economic impacts of the pandemic, most of which were as a result of “money printing” by central banks across the globe. Such undertakings have made mass inflation amongst fiat currencies an inevitable future occurrence.

Recently, the Fed Chair, Jerome Powell, made some comments that have further laid credence to Bitcoin’s immense value. In an interview with 60 Minutes, Powell made mention of how the central bank has been injecting money into the markets to curb a “full-blown” recession. He added that the bank also prints money “digitally” when needed and will continue to do so for as long as necessary.

These assertions caused an uproar in the cryptocurrency space with many claiming that Bitcoin’s value as a deflationary and completely decentralized currency has been vindicated.

With the Fed’s continuous intervention in the markets, Bitcoin will likely continue to grow in value and adoption.

BTCUSD – Daily Chart

Bitcoin (BTC) Value Forecast — May 19

BTC/USD Major Bias: Bullish

Supply Levels: $10,000, $10,550, and $11,500

Demand Levels: $9,200, $9,000, and $8,500

As anticipated, Bitcoin has seen a slight retrace towards the $9500 – $9,450 level and has now resumed on an upward rally. Almost all technical indicators are in favor of a bullish move for Bitcoin in the coming days. However, Bitcoin seems to be taking too long in fulfilling its long-awaited bull run “prophecy.” Traders continue to watch the price of BTC above the new pivot level; $9,500.

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