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Bitcoin Is the Only and Real Defi, Says Bobby Lee, Member of BTC Foundation

Highlights

    Bitcoin can provide with huge returns as the other DeFi tokens, but one needs to lock their Fiat in BTC and HODL for 5+ years

    BTC price holds strong support levels at $19,214 which is close to the current price and therefore, a push a very important

Bitcoin Yield Farming more Profitable

The yield farming which had become immensely popular on the Uniswap platform and hence the BTC traders had also turned into yield farmers. Now when the platform has ended yield farming, founder and CEO of Ballet Crypto and Board member of BTC foundation, Bobby Lee suggested to carry out yield farming with bitcoin.

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As Bitcoin is the most primitive crypto, it can be used to yield farming by locking up your fiat currency and turning it into BTC as per Bobby Lee. However, you need to not less than 5 years to incur huge profits.

DeFi is basically Decentralized Finance, and Bitcoin is considered as the finest decentralized finance ever. Therefore, it would be not wrong if quoting as ‘Bitcoin is the first and only real DeFi’.

Bearish Divergence With a Macro Bull Trend Witnessed

Bitcoin path to $20K appears to have halted a bit as the crypto dumps each time it reaches close to $20K. However, the market sentiments are pretty bullish and hope that BTC price may hit $20K soon before 2020 ends.

Surprisingly, one of the analysts has predicted a bearish trend awaiting for the crypto. But he also said that a macro bull trend can also be witnessed as the RSI indicator is surging manifesting a bullish trend.

At the time of composition, the Bitcoin price stands at $19,422 with a drop of 0.21 percent. The strong resistance levels are formed at $19,457 and support levels at $19237. However, the technical indicators point out towards a ‘buy’ and also the RSI indicator points out towards a bullish trend. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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