Bitcoin Price Prediction as Microsoft IT Outage Causes Chaos Worldwide – Will Bitcoin Blockchain be Affected?

As the world grappled with a significant Microsoft IT outage, questions emerged about the resilience of various technologies, including Bitcoin and its underlying blockchain. This incident prompts intriguing considerations for Bitcoin price predictions.

While centralized networks stumbled, causing widespread disruption, Bitcoin’s decentralized structure allowed it to operate without interference, showcasing its reliability amid global IT challenges.

This stability not only highlights Bitcoin’s dependability as a digital asset but also bolsters its appeal to investors seeking dependable investments in volatile environments.

Microsoft IT Outage: How Bitcoin Remained Stable Amidst Global IT Chaos?

A critical update mishap with CrowdStrike’s cybersecurity software caused a major technology outage, impacting a wide array of services worldwide. This glitch, known colloquially as the “blue screen of death,” led to significant disruptions across various sectors, including transportation, healthcare, finance, and media.

Key systems that rely on Microsoft Windows experienced crashes that temporarily halted operations at major airports, disrupted banking services, and took media broadcasts offline.

This Microsoft outage is now being reported as the biggest IT outage in history. !!!

The global outage grounded flights, knocked banks and hospital systems offline and media outlets off air on Friday in a massive disruption that affected companies and services around the world… pic.twitter.com/VpijlZfWg6

— OpenChats (@bulletchats) July 19, 2024

Despite the widespread turmoil, which affected essential services and caused delays and operational halts—from airlines in the U.S. and Europe to banking operations and stock exchanges—Bitcoin and blockchain technology stood firm.

The decentralized nature of blockchain ensured that Bitcoin remained unaffected by the failures impacting centralized systems, showcasing its resilience amidst global technological vulnerabilities.

Key Points:

Major services worldwide were disrupted due to a cybersecurity update error.
Bitcoin’s blockchain technology showed resilience, remaining stable.
Demonstrates the reliability of decentralized systems in crisis.

Bitcoin’s stability amidst global IT disruptions reinforces its appeal as a resilient investment, potentially bolstering its market price.

Bitcoin Price Prediction

The Bitcoin (BTC/USD) price today is $66,340.82, with a 24-hour trading volume of $31.55 billion. Bitcoin has surged by nearly 5% in the last 24 hours. It retains its top spot on Cryptonews, boasting a market cap of $1.31 trillion. Bitcoin’s circulating supply is 19.73 million BTC, approaching its maximum supply of 21 million BTC.

Bitcoin’s price is currently displaying a strong upward momentum. The key pivot point is $65,848. Immediate resistance is noted at $66,939, with further resistance levels at $68,780 and $70,500. Immediate support lies at $65,031, followed by $63,852 and $63,232.

Bitcoin Price Prediction – Source: Tradingview

The Relative Strength Index (RSI) stands at 69.29, indicating the asset is nearing overbought territory, yet suggesting strong bullish momentum. The 50-day Exponential Moving Average (EMA) is positioned at $63,852, providing significant support.

The presence of three white soldiers on the chart is a strong bullish indicator, highlighting the continuation of the upward trend. Additionally, the double top breakout at the $65,800 level further reinforces the bullish outlook for Bitcoin.

Conclusion

Considering the current technical indicators and chart patterns, Bitcoin shows a bullish trend. Buying above the $66,000 level appears favourable. However, investors should monitor the $65,031 support level closely to manage potential downside risks.

Investors should consider buying above $66,000 while staying vigilant for any shifts in support levels.

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