coinedition.com
MicroStrategy CEO and co-founder Micheal Saylor tweeted that "the target is bitcoin." Saylor made the statement in a follow-up tweet to a video clip he shared of Greg Abbott's Bitcoin (BTC) speech.
In his speech, Texas Governor Abbot explained how Texas will become the world center for bitcoin and blockchain adoption. He further stated that the state will regulate the blockchain in a way that promotes innovation.
Abbot declares:
Meanwhile, BTC is up 1.88% in the past 2
hours and is trading at $16,470 at press time, according to CoinMarketCap. BTC hit a low of $15,482 last Monday as shown on the chart. But the bulls were able to push BTC prices up to $16,811 in three days.
Interestingly, the 200-day MA (yellow line) and 50-day MA (red line) intersect at $16,360. If the 50-day MA crosses above the 200-day MA (golden cross), BTC may rise. Buyers can take advantage of an opportunity that looks promising.
In addition, the Bollinger Bands are getting wider, indicating greater volatility. BTC price touched the upper Bollinger band, indicating that BTC is in oversold territory and the market may correct prices.
If the bulls continue to dominate the market, BTC could reach Resistance 1, which is between $17,000 and $17,200. Moreover, if the bulls continue to press and generate enough pressure, BTC can reach the Resistance 2 level between $17,800 and $18,200.
However, if bears patrol the market, BTC would have support at the 1 level at $16 000-$16,200. If the bears continue to push, BTC may break support 1 and target support 2 around the $15,500 mark.
Disclaimer: Views and opinions and all information shared in this price forecast are expressed in good faith. Readers should do their own research and concerns. All actions of the reader are entirely at their own risk. Coin Edition and its affiliates are not responsible for any direct or indirect damages or losses
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