The major cryptocurrency has recently been showing price increases, closing the week up 15.4% at $6,775 and trading as high as $7,300.
As of press time, CoinMarketData shows that Bitcoin’s price is at $7,286.82.
Looking at the weekly time frame of Bitcoin, it is possible that there is strong buying interest in the market as trading volume showed data similar to when Bitcoin’s price increased from $7,200 to $10,400 in October 2019.
The report noted that there will be little resistance to the upper $7,000 level in the condition that bulls will progress through the 100-week moving average.
While the global economic markets continue to face unprecedented uncertainty around monetary policy, Bitcoin could prove to be an attractive vehicle to safeguard against both inflation and counterparty risks which were not present only a short time ago.
Feature photo from Pixabay