Already, BTC is changing hands far past this level, and this assumption will now hold true if the mega cryptocurrency does not fall below this level.Bitcoin has not traded above $30,000 in more than six months, and a retest of this level can drive additional funding into the digital currency from both retail and institutional investors.Bitcoin boost markers
Bitcoin is seeing a lot of interest at this time, considering the macroeconomic outlook that has largely kept the global financial ecosystem distraught. With banking collapses around the world and tightening monetary policies, the clamor for self-banking through Bitcoin has grown in the past few weeks.
Riding on its design, Bitcoin operates in a decentralized manner, and its operations are dependent on its code and not a centralized entity. It isas a good hedge against inflation, and more institutional investors are beginning to consider the asset a store of value. With a maximum supply cap of 21 million, the digital currency has an element of deflation that many believes will drive its price over time.
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