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Bitcoin (BTC) attacked $ 11,900 today, August 14, 2020. BTC is trading at $ 11,847, as of this writing. The current signs of a bull run, remind us of a certain Joe – search your memories, otherwise the link you are looking for is in the body of the article. This time, the bulls benefit from a few technical advantages which should enable them to exceed the USD 12,000 mark in the long term.
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Was this whale right?
Do you remember this Whale BTC who rightly tempered the ardor of Bitcoiners at the time? She said then that we had to wait for a massive entry of Tether (USDT) in the market to confirm a bull run.
This long-awaited moment may have come with a Tether whose market capitalization now exceeds $ 12 billion. The total supply of Tether in circulation was around $ 10 million in January 2017. This value has therefore been multiplied by 1,200 since.
The Tether is used by some investors to store capital aside – it also saves investors from paying withdrawal fees in fiats. L’USDT is often used as an alternative to fiats on major exchanged such as Binance and Bitfinex.
The explosion of Tether markets could therefore be interpreted as a sign of a future massive investment in cryptocurrencies, especially in the BTC. Charles Edwards had also indicated that a 26% increase in Tether, is one of the fundamentals that boost the price of Bitcoin.
The Tether however, is not unanimous: Peter Brandt criticized the stablecoin by calling it a fiat currency.
Another effort to erase the failure of this week
The bulls could very well cross sustainably this time, the 12 000 USD. Indeed, the daily RSI (14) is at 64 despite the strong rise today, leaving room for improvement for a 12,000 USD and above.
The 5 and 10 day moving averages of Bitcoin climbed to the $ 11,700 level, technical fundamentals that should support the current rise.
Bitcoin had a rough time this week, with the big red candlestick on August 11, 2020, which could be absorbed before the close of this trading week, if the bulls hold on.
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It floats an air of bull run with the explosion of Tether: will the stablecoin be the energy drink that will make the bulls run to a new historic high? We will see if this weekend will bring luck to BTC: they are two fingers away to break the structure of the market, a break that would make many happy.
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Litecoin, welcome in the Silver Age
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