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The Turkish lira lost 15% of its value and fell close to its all-time low after Turkish President Erdogan sacked the central bank governor, Naci Agbal. This led to a massive spike in Bitcoin (BTC) searches in Turkey as investors sought to protect their assets from devaluation. This is just another example of how investors are treating Bitcoin as a possible replacement for fiat currencies.

In other news, Jerome Powell, chairman of the US Federal Reserve, sees a different view. Speaking at an event hosted by the Bank for International Settlements, Powell said Bitcoin is more of a speculative asset and could serve as a substitute for gold, but its volatility and decentralization make it difficult to use as money.

Daily market performance in cryptocurrencies. Source: Coin360

However, on-chain data paints a different picture. Glassnode data shows that only about 36% of Bitcoin supply has moved in the past six months, indicating that the current price has not enticed long-term Bitcoin investors to part with their holdings.

With supply shrinking and demand increasing due to the arrival of institutional investors, Bitcoin remains a sweet spot. Demand for BTC could get an extra boost if any of the recently filed Bitcoin exchange-traded fund applications are approved by the U.S. Securities and Exchange Commission.

The fundamental sentiment remains positive for the crypto sector, but does the technical data also project an optimistic picture? Let’s look at the charts of the top 10 cryptocurrencies to find out.