- ‘Bitcoin is the goal’ states Co-founder of Microstrategy, Micheal Saylor.
- Governor of Texas explains that he will regulate BTC and blockchain to promote innovation.
- 50-day MA crosses 200-day MA from above, BTC could be on a bull run.
Executive Chairman and Co-founder of MicroStrategy Micheal Saylor, tweeted that ‘bitcoin is the goal.’ Saylor made this statement in a follow-up tweet to the footage of Greg Abbot’s speech about Bitcoin (BTC) that he shared.
In his speech, Abbot, the Governor of Texas, explained how Texas was going to be the center of a world that is going to embrace bitcoin and blockchain. Furthermore, he declared that the state would regulate blockchain such that it promotes innovation.
Abbot states:
We are providing the platform for those who are involved in blockchain and Bitcoin to make sure that they are gonna have a location to come to. That doesn’t come with the friction of having high regulation.
Meanwhile, BTC is up 1.88% in the last 24 hours and is trading at $16,470 as of press time, according to CoinMarketCap. BTC hit its lowest last Monday, reaching $15,482, as shown in the chart. However, the bulls were able to push the prices of BTC to $16,811 within three days.
Interestingly, the 200-day MA (yellow line) and the 50-day MA (Redline) intersect at $16,360. As the 50-day MA crosses the 200-day MA from above (golden cross), BTC could go bullish. Buyers could look to cash in on the opportunity that looks promising.
Additionally, the Bollinger bands are widening, which indicates more volatility. The price of BTC has touched the upper Bollinger band indicating that BTC is in the oversold region and the market could correct the prices.
If the bulls keep dominating the market, BTC would target hitting Resistance 1, positioned between $17,000- $17,200. Furthermore, if the bulls keep pushing and create enough pressure, BTC could hit Resistance 2 bases between $17,800 – $18,200.
However, if the bears patrol the market, then BTC would land on Support 1 based between $16,000 and $16,200. If the bears keep on pushing, BTC could break Support 1 and target Support 2, which is around the $15,500 mark.
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