Bitcoin price rises again and retests resistance near the current all-time high. According to a top expert on the leading cryptocurrency, the asset’s price chart has become a kind of “manipulation gauge” that measures the ongoing economic growth “engineering” of governments.
If so, the resistance can’t hold Bitcoin back much longer as the U.S. House of Representatives has passed another historic $ 1.9 trillion aid package. Here you can see in more detail how the “manipulation measuring device” has reacted so far.
Bitcoin becomes the solution for ongoing government industrial engineering
During the Great Recession there were unprecedented bank bailouts and other measures to avoid catastrophic economic collapse. Once opened, Pandora’s quantitative easing box cannot be stopped.
Since that day, wage differentials and financial inequality have only widened. The best attempt at making change started in 2008 by Satoshi Nakamoto.
Related reading | Bitcoin “cheat sheet” calls for up to $ 77,000 for the next stage
Today Bitcoin is actively fighting the same battle and winning. The cryptocurrency’s close to 21 million BTC supply proves its worth at a time when the supply of fiat money is growing faster than ever before.
Dollars and other global currencies were created at unprecedented rates to combat the effects of the pandemic, and more stimulus will be required every time the economy weakens.
The speed at which this is happening appears right on the Bitcoin price chart itself, according to expert Preston Pysh, and effectively acts as a “tampering measure” against the “technical” governments hoping to stimulate economic activity.
Bitcoin has become a manipulation gauge of sorts according to Pysh | Source: BTCUSD on TradingView.com
What the monetary “tampering report” is currently saying
If you look at the Bitcoin price chart above, the price movement is relatively stable – as stable as it gets for a volatile cryptocurrency. But when Black Thursday happens last year and there’s a huge surge down like never before.
The extreme downward movement resulted in such a strong polar movement upward that was further fueled by a perfect storm for the emerging cryptocurrency.
Related reading | Fund manager beats Bitcoin: an extreme form of libertarian anarchism
Along with the rise in prices due to hyperinflation, the technology’s adoption is exploding, and institutions are involved for the first time, and it has only recently started. Gold, normally found in this type of environment, has suffered and seen drains flow directly into Bitcoin.
The current bull market bull market is likely to continue as more stimulus packages are about to be passed and the funds are distributed directly to businesses and individuals. The risk of hyperinflation remains high and buying Bitcoin remains your best defense.
Featured image from Deposit Photos, Charts from TradingView.com