{"id":372744,"date":"2019-02-26T19:00:56","date_gmt":"2019-02-26T19:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=372744"},"modified":"2024-06-11T21:03:09","modified_gmt":"2024-06-11T21:03:09","slug":"bitcoin-btc-price-under-pressure-but-fundamentals-are-very-bullish","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-price-under-pressure-but-fundamentals-are-very-bullish\/","title":{"rendered":"Bitcoin (BTC) Price Under Pressure But Fundamentals Are Very Bullish"},"content":{"rendered":"<ul>\n<li><em>Bitcoin prices under pressure<\/em><\/li>\n<li><em>Adoption on the rise as Venezuela is the poster country for crypto<\/em><\/li>\n<li><em>Transaction volumes drop days after Feb 24 drawdown<\/em><\/li>\n<\/ul>\n<p><em>In an uptrend, Bitcoin (BTC) is under immense pressure thanks in part to sell-off of Feb 24. Moving on, we expect bulls to reject lower lows as price action snap to trend and edge above $4,500 as our previous BTC\/USD trade plans are validated.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<h3>Fundamentals<\/h3>\n<p>Good news is Bitcoin (BTC) learning and adoption curve over the past few years has been near perpendicular. Many people are jumping into the decentralization train, and although it may take years before Bitcoin <a href=\"https:\/\/www.reddit.com\/r\/Bitcoin\/comments\/auq34x\/bitcoin_surpasses_paypal_in_annual_transaction\/\" rel=\"nofollow\">dislodge centralized solutions<\/a> from their peaks, one irrefutable fact is that the path towards complete dominance is paved by friendly regulations.<\/p>\n<p>Over and above everything, Bitcoin is a duo-layer system. There is an argument over which of its function will come first\u2014the ability to be a medium of exchange as envisioned by Satoshi or as a store of value\u2014like we saw last year when altcoins plunged.<\/p>\n<p>However, with the recent sequence of events especially in countries facing economic crises as Venezuela for example, Bitcoin is proving to be a reliable, global bank for storing value. At the same time, it is acting as a medium of exchange albeit limitations by the incumbent.<\/p>\n<p>From the look of things, adoption will be the primary drive that will see the coin replace government-issued money even if it is pseudonymous and traceable. The simple fact that people will still use it thanks to its inherent properties as immutability and resistance to locally induced volatility makes it perfect for storing value.<\/p>\n<h3>Candlestick Arrangements<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-372738\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-Daily-Chart-Feb-26.png?resize=1366%2C768\" alt=\"Bitcoin\" width=\"1366\" height=\"768\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-Daily-Chart-Feb-26.png?w=1366 1366w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-Daily-Chart-Feb-26.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-Daily-Chart-Feb-26.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-Daily-Chart-Feb-26.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-Daily-Chart-Feb-26.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/02\/Bitcoin-Daily-Chart-Feb-26.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>At the time of press, Bitcoin (BTC) is up but under immense pressure mainly because of Feb 24 liquidation. Prices in the last 24 hours are stable, and from the recent sequence of events, bears appear to have the upper hand.<\/p>\n<p>All the same, we shall retain a bullish outlook over the short-term with the awareness that the failure of bulls to muster enough momentum and breach the $4,500 or Dec 2018 highs is bearish for the world\u2019s most valuable coin.<\/p>\n<p>Moving on, we shall advocate for a neutral stand. Despite the double bar bear reversal pattern, our bullish outlook will stand and be null once <a href=\"https:\/\/wncen.com\/2019\/02\/24\/if-history-rhymes-bitcoin-btc-could-end-bear-market-after-surge-above-4500-analyst\/\" target=\"_blank\" rel=\"noopener \">Bitcoin (BTC)<\/a> prices drop below $3,500\u2014our minor support line and Feb 18 lows.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>Although there are concerns that Bitcoin (BTC) prices will drop thanks to a surge of market participation of Feb 24\u201436k, we must also realize that volumes of Feb 18\u201437k were equally high. Unless otherwise there is confirmation of Feb 24 losses complete with high volumes\u2014above 40k\u2014driving prices below our minor supports at $3,500, we shall maintain a bullish outlook as mentioned above.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin prices under pressure Adoption on the rise as Venezuela is the poster country for crypto Transaction volumes drop days after Feb 24 drawdown In an uptrend, Bitcoin (BTC) is under immense pressure thanks in part to sell-off of Feb 24. Moving on, we expect bulls to reject lower lows as price action snap to trend and edge above $4,500 as our previous BTC\/USD trade plans are validated. Bitcoin Price Analysis Fundamentals Good news is Bitcoin (BTC) learning and adoption curve over the past few years has been near perpendicular. Many people are jumping into the decentralization train, and although it may take years before Bitcoin dislodge centralized solutions from their peaks, one irrefutable fact is that the path towards complete dominance is paved by friendly regulations. Over and above everything, Bitcoin is a duo-layer system. There is an argument over which of its function will come first\u2014the ability to be a medium of exchange as envisioned by Satoshi or as a store of value\u2014like we saw last year when altcoins plunged. However, with the recent sequence of events especially in countries facing economic crises as Venezuela for example, Bitcoin is proving to be a reliable, global bank for storing value. At the same time, it is acting as a medium of exchange albeit limitations by the incumbent. From the look of things, adoption will be the primary drive that will see the coin replace government-issued money even if it is pseudonymous and traceable. The simple fact that people will still use it thanks to its inherent properties as immutability and resistance to locally induced volatility makes it perfect for storing value. Candlestick Arrangements At the time of press, Bitcoin (BTC) is up but under immense pressure mainly because of Feb 24 liquidation. Prices in the last 24 hours are stable, and from the recent sequence of events, bears appear to have the upper hand. All the same, we shall retain a bullish outlook over the short-term with the awareness that the failure of bulls to muster enough momentum and breach the $4,500 or Dec 2018 highs is bearish for the world\u2019s most valuable coin. Moving on, we shall advocate for a neutral stand. Despite the double bar bear reversal pattern, our bullish outlook will stand and be null once Bitcoin (BTC) prices drop below $3,500\u2014our minor support line and Feb 18 lows. Technical Indicators Although there are concerns that Bitcoin (BTC) prices will drop thanks to a surge of market participation of Feb 24\u201436k, we must also realize that volumes of Feb 18\u201437k were equally high. Unless otherwise there is confirmation of Feb 24 losses complete with high volumes\u2014above 40k\u2014driving prices below our minor supports at $3,500, we shall maintain a bullish outlook as mentioned above.<\/p>\n","protected":false},"author":384,"featured_media":344595,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-372744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Price Under Pressure But Fundamentals Are Very Bullish<\/title>\n<meta name=\"description\" content=\"Bitcoin prices under pressure Adoption on the rise as Venezuela is the poster country for crypto Transaction volumes drop days after Feb 24 drawdown In an\" \/>\n<meta name=\"robots\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin (BTC) Price Under Pressure But Fundamentals Are Very Bullish","url":"http:\/\/wncen.com\/news\/bitcoin-btc-price-under-pressure-but-fundamentals-are-very-bullish\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-price-under-pressure-but-fundamentals-are-very-bullish\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc9.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc9.jpg?fit=1200%2C600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2019-02-26T19:00:56Z","datePublished":"2019-02-26T19:00:56Z","dateModified":"2024-06-11T21:03:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin (BTC) Price Under Pressure But Fundamentals Are Very Bullish\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-price-under-pressure-but-fundamentals-are-very-bullish\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-price-under-pressure-but-fundamentals-are-very-bullish\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2018\\\/08\\\/techanalysis-btc9.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2018\\\/08\\\/techanalysis-btc9.jpg?fit=1200%2C600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2019-02-26T19:00:56Z\",\"datePublished\":\"2019-02-26T19:00:56Z\",\"dateModified\":\"2024-06-11T21:03:09Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2018\/08\/techanalysis-btc9.jpg?fit=1200%2C600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/372744"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=372744"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/372744\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/344595"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=372744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=372744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=372744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}