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Investors stocking up Bitcoin wallets as BTCUSD shoots past $9,300; Indicators suggest Bitcoin price action is currently very volatile

With enormously high investor participation, from both the retail sector as well as the institutional segment, BTCUSD looks s
With enormously high investor participation, from both the retail sector as well as the institutional segment, BTCUSD looks steady.

US benchmark index, Dow Jones Industrial Average (DJX), fell by 218 points yesterday. Stock markets in Asia started low this morning. Equity markets around the world are on a similar course. However, in the cryptocurrency market, things are starkly different. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), BCH, XTZ, etc., are all pushing past their resistances.

Bitcoin heads the upswing in the cryptos. With the reward halving coming up on May 12, interest and search queries for BTC is going up exponentially. A Bloomberg article claims Bitcoin’s current price action to be similar to the previous bull run of BTCUSD as it went past $20,000.

Is it different for BTC this time?

The last time Bitcoin got this much attention was before reaching an all-time high. However, this time it is undoubtedly different. The halving is taking place at a time when millions of people lost their jobs within a few weeks.

However, Bitcoin exchanges such as BitMEX claims that they are witnessing an enormous increase in the customer base. Investor attention is at an all-time high. People are stocking up their BTC wallets in anticipation of a massive bull-run.

There might be a catch for BTCUSD amidst this upsurge

Several analysts believe that the current surge in attention could be nothing more than a ‘Fear-of-missing-out‘ syndrome. BTCUSD could potentially dip to dangerously low levels once it reaches a certain point, and people start selling vigorously.

Here’s the BTCUSD daily timeframe. Source: TradingView.com

Technical indicators for BTCUSD suggest that Bitcoin is entering yet another volatile phase. The Bollinger-bands are expanding.

As of writing this article, BTCUSD was at $9302.78. The next resistance for BTC is at $9,538, while the crucial support is at $8,463.41. The MACD and RSI are both significantly bullish currently. In the coming few days, Bitcoin will undoubtedly witness a lot of influx of retail investors.

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