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Bitcoin Price Is Bouncing Due to Bullish Divergence on Multiple Time Frames: Crypto Analyst

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  • Yuri Molchan
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    A trader tweets that the BTC price is rebounding thanks to the bullish divergence on the oversold market but the bears are trying to push Bitcoin down to $5,500

Bitcoin price rebounds above $7,000 due to bullish divergence: crypto analyst
Cover image via www.123rf.com

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Bitcoin price has been declining heavily recently, after briefly approaching the $10,000 level. Earlier today, it was trading below the $6,800 level.

At press time, the price has recovered and BTC is trading in the $7.200 area.

BTC price CMC
Image by CoinMarketCap

‘Bullish divergence on multiple frames’

A crypto analyst @IamCryptoWolf reckons that Bitcoin is currently bouncing due to the bullish divergence on oversold conditions.

He points out that the $7,490 level of resistance is the next aim for the bulls to reach.

The Bitcoin price is quickly approaching the level mentioned in the tweet.

‘Bears are pushing BTC price to $5,500’

In his earlier tweet, the analyst mentioned that the bears obviously wish the bulls to move out of the way and are pushing the Bitcoin price down to the $5,500 support.

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‘Bitcoin liquidity evaporating fast’

Meanwhile, the director of digital assets at VanEck, Gabor Gurbacs, is warning the community that Bitcoin liquidity is going away fast since bid-offer spreads are widening on a tremendous scale.

The market can make a U-turn in either direction, he warns.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

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  • Vladislav Sopov
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    Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Vitalik Buterin, Ethereum: Fiat Money Will Not Be Destroyed
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Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin's attitude towards the "classic" economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a "leave me alone'" or "conquer the world" approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any "short-term disruption" for the sake of some "nebulous long-term gain" is skeptical. He said:

I'm definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.

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Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide "checks and balances" against a government monopoly on "issuing money" rather than "replacing it entirely".

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Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

Will crypto one day replace fiat money? Tell us your opinion on Twitter.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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