Chart of the Day
Numbers don’t lie, or do they? The price of BTC failed to rise above the $58k resistance due to market fatigue and started a fresh decline. As of 04:00 UTC, its decline extended below the $55k support and continued to trade below the 100-hourly moving average. On-chain data suggests that very few bought in between the current price level and $51k, whereas $47k is a reliable support level because many entered there. Could the price dip further to touch its support before starting another upward charge?
Talk of the Town
On the side of the egg. Interest in Bitcoin surged 566% as the Turkish lira plunged 15% overnight to its historic low. Though historically plagued by high inflation, the lira has gone through a period of relative stability after the appointment of a hawkish central bank governor, Naci Ağbal, whose recent dismissal is believed to be the trigger of the lira’s sudden plunge. The number of searches for ‘Bitcoin’, especially in the poorer regions of the country, reached ‘peak popularity’. Isn’t it exciting to know that Bitcoin could be wielded by the less fortunate against systematic inequality?