28.05.2020 BTC Daily Analysis

28.05.2020 BTC Daily Analysis

Bitcoin price formed a strong support base near the $8,680 level and recently started a decent recovery against the US Dollar. BTC price broke a couple of important resistances near $9,000 to move into a short-term positive zone. Besides, there was a close above the $9,100 level and the 100 hourly simple moving averages. The price traded close to the $9,300 resistance zone and traded as high as $9,287. Matt D’Souza — CEO of Blockware Mining — recently identified that there is a perfect storm of macro factors that are and will continue to drive demand for Bitcoin. This is bullish for BTC because assuming consistent supply, any growth in demand should result in an increase in the value of cryptocurrencies. And considering that there are multiple macro factors, according to D’Souza, prices could appreciate rapidly.