The bitcoin-US dollar (BTC/USD) exchange rate is gaining altitude after the bearish Doji reversal seen earlier this week failed to keep the cryptocurrency below its 50-day moving average.
Bitcoin (Image: MichaelWuensch/Pixabay)
At press time, bitcoin is trading at $4,325; up 1.46 percent as per data from CoinMarketCap. The two-day sell-off ran out of steam earlier today at the low of $4,150. The subsequent rebound then gathered pace above the 50-day moving average of $4,187.
However, the rebound from the 50-day moving average support seen in the one hour indicates the fears over the event are overblown. So, is bitcoin set to fly high or is the rally a bull trap?
The price action analysis suggests the cryptocurrency is currently hovering in the no man’s land.
American tech billionaire investor and television personality Mark Cuban has recently claimed that he sees Bitcoin and its underlying Blockchain or distributed ledger technology (DLT) as the way of the future.
He also countered the various claims that the leading digital currency is not real and has no intrinsic value.
In an interview with Bloomberg, the renowned American businessman claimed that Bitcoin is just like the traditional stocks that investors can buy and sell.
“…it’s interesting because I think there are a lot of assets that have values based on just supply and demand. You know, most stocks, they don’t have any intrinsic value, no true ownership rights, no voting rights, you just have the ability to buy and sell those stocks. They’re like baseball cards and I think Bitcoin is the same thing…”
