Technical analysis by PheerMeh about Symbol BTC: Buy recommendation (5/19/2024)

This situation is reminiscent of early February 2024. However, this time, it's not just retail investors driving Bitcoin (BTC) to new all-time highs, but institutions, pension funds, and sovereign nations globally participating in a financial game theory for dominance or at least securing a place at the BTC table. The Demand and Supply Dynamics 💰 Bitcoin's demand continues to rise daily, with thousands of new people entering the market. ⛏️ The supply of Bitcoin is not increasing, and the number of coins mined per day is decreasing. ⏫ As long as the demand for Bitcoin keeps rising, the price will have to go higher due to supply and demand dynamics. The Impact of Institutional Adoption 🏦 Institutions are now entering the cryptocurrency market, which was previously dominated by early adopters and nerds. 📈 The increased institutional interest leads to extra accumulation and drives the price of Bitcoin higher. 💸 People will choose to transact in Bitcoin over the US dollar, leading to a significant shift in global transactions.Technical Analysis: Fibonacci Retracement Levels: The chart shows BTC is hovering around the 0.618 Fibonacci level, which is a strong support level. Moving Averages: BTC is above the 50-day moving average and approaching the 200-day moving average. A crossover could indicate a strong bullish trend. MACD Indicator: The MACD is crossing above the signal line, which is a bullish signal. Volume Profile: There's a significant volume support around the $63,000 level, indicating strong buying interest.