Bitcoin Price Forecast: Venezuelan Opposition Leader Calls for Bitcoin Reserve – Adoption Rising?
Bitcoin is trading at $54,400, with a modest 0.20% increase over the past 24 hours. While the cryptocurrency market grapples with bearish trends, Bitcoin’s adoption continues to rise, particularly in countries facing economic instability.
In a recent development, Venezuelan opposition leader Maria Corina Machado has called for Bitcoin to become part of the country’s national reserves. Her proposal comes as Venezuela faces rampant hyperinflation and devaluation of its national currency.
Machado’s support for Bitcoin highlights the cryptocurrency’s growing role as a hedge against economic collapse. As adoption increases globally, this may further drive Bitcoin’s long-term demand, despite the short-term bearish outlook.
Bitcoin‘s price action has been weighed down by technical factors, primarily its position below the 50-day Exponential Moving Average (EMA), currently at $56,627.
This EMA has acted as a strong resistance barrier, preventing further upward momentum. A break above this level could provide the necessary bullish push to reverse the current bearish outlook. However, until that happens, the market will likely remain cautious.
The RSI, at 38.57, signals that Bitcoin remains in oversold territory. Typically, when the RSI is below 40, traders start to look for signs of a potential reversal.
However, the absence of a clear bullish catalyst has kept traders hesitant to take long positions in large volumes.
A dip below $53,275 could trigger additional selling pressure, with eyes on the $51,718 level as a key support that could stabilize prices.
In an entirely separate geopolitical development, Maria Corina Machado, the opposition leader contesting Venezuelan President Nicolas Maduro’s recent election victory, has proposed
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