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How to make money on cryptocurrency - buy or sell Bitcoin? Trading Ideas 11/23/2020: What Does BTC Support?

Bitcoin continues to rise during the trading session on Monday, seriously claiming to renew its all-time high. By 16:00 Moscow time, the price of bitcoin was $ 18,630, while the absolute maximum is at $ 19,487.



Market participants cite the interest from investors, both institutional and retail, as the main reason for this rally. Rush demand for bitcoin is observed everywhere, which provokes an appreciation without any attention to objective fundamental factors. Just like in 2017, when bitcoin became a hype, the buzz around this topic forms the craving for it.


Recall that Bitcoin was launched in January 2009, at the height of the financial crisis, and was positioned as an alternative to government money. Its turnover is organized through connected but independent computers that cannot be controlled by the central bank or the state. The system provides for the issuance of a fixed volume of cryptocurrency, which makes it resistant to inflation. This is another competitive advantage of bitcoin, which is considered as insurance against inflationary risks in the face of unprecedented monetary stimulation of the global economy.

The last time Bitcoin was just as popular in the 4th quarter of 2017, when its rate almost quadrupled and approached $ 20,000. However, then the market was not ready for such a meteoric rise of the innovative crypto industry. As a lot has changed, investors believe that this time around, the BTC / USD bullish rally could easily outpace the 2017 gain. First, the regulatory environment has become much more transparent. Regional and federal governments in the United States, including the Internal Revenue Service and the Securities and Exchange Commission, have introduced rules for dealing with digital currencies. This allowed companies such as CME Group Inc., Intercontinental Exchange Inc. and Fidelity Investments Inc. offer services for the purchase and sale of cryptoassets. In October, PayPal Holdings Inc. announced the creation of a service that allows users to buy and sell bitcoin directly on their accounts. This service is available to users in the United States on November 12. With that said, BTC clearly retains the potential to move above $ 19,500.



BTC/USD BuyLimit $ 18100 TP $ 19500 SL $ 17700


Analytical reviews and comments to them reflect the subjective opinion of the authors and are not a recommendation for trading. The author is Artem Deev, trader analyst at AMarkets. Forex social network is not responsible for possible losses in case of using the review materials



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