Turkey is facing a crisis as its national currency is plunging. The 10-day volatility of the lira relative to the U.S. dollar has surpassed that of Bitcoin (BTC). President Recep Tayyip Erdogan has been urging the people of Turkey to exchange their dollars and gold for lira, The Guardian reports.
However, it appears that the savvy citizens of Turkey are exchanging their lira for Bitcoin, evidenced by an increase in the trade volume across cryptocurrency exchanges in the country, according to Forbes.
Though the absolute volumes are still low, the crisis has still shown the importance of cryptocurrencies, which due to their decentralized nature can’t be controlled by governments and central banks. A recent study by Yale economist Aleh Tsyvinski said that an optimal portfolio should park at least 6 percent of its funds in Bitcoin.
Although the overall sentiment in the crypto world is still bearish, the market participants continue to favor Bitcoin, which has increased its dominance above the 51 percent mark.
So, will Bitcoin give up ground or will it pull the altcoins up with it? What do the charts forecast? Let’s have a look.
BTC/USD
Bitcoin has been trying to move up for the past two days, but it is facing strong selling pressure close to the $6,500 mark. This points to a probable consolidation between $5,910.65 and $6,500 for the next few days. We will remain positive on the pair for as long as it sustains above the $5,910.65 mark.
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