As Bitcoin continues its bull run, a major concern has been raised by the community: numerous platforms are reporting limitations in purchasing BTC.
As Bitcoin continues its bull run, a major concern has been raised by the community: numerous platforms are reporting limitations in purchasing BTC.
However, these concerns are unfounded, as Twitter (X) community notes and confirmations from various sources have made clear: Bitcoin remains available on CashApp, numerous over-the-counter (OTC) platforms and exchanges. There is no immediate supply shock, but what does this mean for the future of Bitcoin?
The notion of a Bitcoin supply shock arises from the cryptocurrency’s limited supply of 21 million coins, with more than 18 million already mined and in circulation. Bitcoin’s scarcity is one of its most vaunted features, which could lead to a supply shock in which demand far exceeds available supply, driving up the price.
However, despite the shortage, the supply of Bitcoin has not dried up. The infrastructure of OTC platforms, exchanges and peer-to-peer networks ensures that Bitcoin remains tradable. Furthermore, persistent demand, which is a positive sign of the health of the market, continues to be met without immediate fear of selling out.
Reviewing Bitcoin price performance on the chart provided, the cryptocurrency has been on an upward trend, supported by strong buying interest. The chart reveals that Bitcoin has been consistently setting higher lows and higher highs, a bullish sign. The moving averages are aligned in ascending order, with the short-term averages above the long-term averages, which generally suggests that an uptrend is present.
Bitcoin’s recent price action shows a strong rise, with the RSI approaching overbought territory. This indicates high demand and buying pressure, but also tells traders to be cautious of potential pullbacks as the market may need to consolidate gains.
While the specter of a supply shock adds an exciting narrative to the Bitcoin story, current market dynamics suggest that such an event is not on the immediate horizon. “Digital gold” remains within reach of those who wish to purchase it, and its distribution channels are functioning as expected, even as demand increases.
