Despite concerns about war crimes in Ukraine, Bitcoin managed to rebounded significantly on Tuesday.
The current price is above $46.7K, which is the 100 hourly simple moving average at the time of writing this publication.
Initial investors’ interest was dampened after the Ukrainian government initiated a war crimes investigation after it reported that the bodies of 410 civilians were found around Kiev. Some of the victims were discovered in mass graves while others had been shot close range while their hands were tied.
Price action
- Chart patterns revealed Bitcoin had earlier declined and tested the $45K level. The price of BTC increased above $45,150 and formed a base. There has been a break above $45.5K and $45.8K
- Near $47K or the 76.4% Fib retracement level of the recent decline from the $47,444 swing low to $45,153, the next resistance could be found.
- Taking out the $47K resistance would be a major step forward. It is possible that the price may rise towards the $48K resistance in this case. If the price gains further, the price might reach $50K. $49.2K might be an intermediate resistance.
Bitcoin’s strong edge
- This pioneer crypto appeals to investors partly because it is the first and is very different from other “crypto” projects, which are all essentially cheap knockoffs. The Bitcoin network is decentralized, the incentives are not misaligned, and there is no marketing team.
- Since bitcoin has met its promise of being an un-censorable, unseizable, strictly-limited currency, the returns have been extraordinary.
- Bitcoin’s key advantage is its decentralized nature. The community of users controls it, not some governing entity, and there is no single point of failure. Over and over again, we have seen people trying to copy the code, but unable to copy the decentralization.
- Additionally, the battle for market share of NFTs has intensified with a listed American brand, Troika’s NFT marketplace, which allows luxury brands to take advantage of NFTs, to list luxury assets using Bitcoin, a familiar asset.
- The Bitcoin blockchain secures NFTs “on Bitcoin” even though they are not pure Bitcoin-based (like ERC721 tokens on Ethereum).
- It might seem strange to use NFTs on Bitcoin, but this feature might be very useful. It is no surprise that Bitcoin is the dominant crypto and thus boasts of the most ardent supporters.
