US Debt drives demand for Bitcoin: Galaxy CEO
Apart from Blackrock CEO Larry Fink, Mike Novogratz, who is the CEO of Galaxy Digital, also warned that the US debt spiral could drive demand for Bitcoin.
In his tweet on the X platform (formerly Twitter), he warned about the rising US national debt. To prevent a debt death spiral he expressed his opinion that the government needs to cut spending drastically and raise taxes on the rich. He further said that the current US debt is $34 trillion. $1 trillion every 100 days.
As a strong supporter of Bitcoin, he also predicts BTC will reach $100k and will never fall from $55k. According to him, currently, there is uncontrolled momentum in funds traded on the Bitcoin ETF exchange.
Bitcoin/USD technical analysis today.
Although some Bitcoin fans believe Bitcoin can reach $100k, currently Bitcoin is still stuck at around $70k. Bitcoin's 24-hour performance formed a Low of $68,110.70 and a High of $71,377.78.
According to Investing, a summary of technical indicators and several hourly moving averages today provide a strong buy signal.
Bitcoin price on Ticktrader is currently moving slightly above the middle band line. It appears that the price is forming a bearish candlestick with a long shadow at the bottom of the candle. The price briefly touched the middle band line before finally turning up again.
Even though it has fallen, the price of Bitcoin is still stagnant at around $70k.
The Bollinger band on the daily timeframe still forms a flat channel with a slightly wide upper and lower band distance, an indication that market volatility is still high.
MA 50 has almost crossed the lower band line from the downside, but is still forming an upward channel indicative of a long-term uptrend.
Meanwhile, the RSI indicator is at level 57, meaning the price is moving above the uptrend level.
On the H1 timeframe, Bitcoin moved slightly above the middle band line. This is a consolidation area after the decline occurred yesterday.
Bollinger bands form narrow bands indicating reduced volatility in this time frame.
The MA 50 is slightly above the price forming a flat channel in this time frame indicating a sideways market.
The RSI indicator shows level 51, meaning the price is 1 point above the uptrend level.
Support and resistance
S3: 69325.8
S2: 69456.9
S1: 69588.8
PP: 69719.9
R1: 69851.9
R2: 69982.9
R3: 70114.9