The community has expressed serious worry about the fact that several sites are reporting restrictions on buying Bitcoin as it continues its bull run.
But as several sources of confirmations and community remarks from Twitter (X) have demonstrated, these worries are unfounded: CashApp, as well as several other over-the-counter (OTC) platforms and exchanges, still offer Bitcoin. What does this imply for the future of Bitcoin, though, if there isn’t an instant supply shock?
With more than 18 million of the cryptocurrency’s maximum 21 million coins already created and in circulation, the idea of a “Bitcoin supply shock” is based on this fact. One of the most coveted aspects of Bitcoin is its scarcity, which carries the risk of causing a supply shock in which demand vastly outpaces supply and drives up prices.
Nevertheless, there is still some Bitcoin available despite its scarcity. Bitcoin remains transactable because to the architecture of exchanges, peer-to-peer networks, and over-the-counter platforms. Furthermore, the ongoing demand is being satisfied without any immediate threat of running out, which is an indication of a healthy market.
Examining the Bitcoin price performance on the above chart, it is clear that there has been significant purchasing activity, driving the cryptocurrency’s upward trajectory. The chart indicates that there has been a steady upward trend in Bitcoin’s lows and highs, indicating a bullish trend. The short-term moving averages are positioned above the long-term ones in an ascending order, which usually indicates the start of a bullish trend.
The price of bitcoin has been rising sharply lately, and the RSI is getting close to overbought zone. The market may need to consolidate gains, therefore traders should be wary of any potential pullbacks since this suggests strong demand and buying pressure.
Although the possibility of a supply shock gives Bitcoin’s story a fascinating element, the state of the market right now indicates that such an event is not likely to occur anytime soon. Demand spikes notwithstanding, the “digital gold” is still accessible to anybody who would like to buy it, and its distribution networks continue to operate as planned.
