The Turkish lira lost 15% of its value and dipped close to its all-time low after Turkey’s President Erdogan fired central bank governor Naci Agbal. This resulted in a massive spike in Bitcoin (BTC) searches in Turkey as investors sought to protect their wealth from devaluation. This is just another example that shows how investors may be treating Bitcoin as a possible substitute for fiat currencies.

In other news, United States Federal Reserve chairman Jerome Powell has a different view. While speaking at an event hosted by the Bank for International Settlements, Powell said that Bitcoin is more of a speculative asset and could act as a substitute for gold but its volatility and decentralization make it difficult to use as money.

Daily cryptocurrency market performance. Source: Coin360

However, on-chain data paints a different picture. Glassnode data shows that only about 36% of Bitcoin’s supply has moved in the past six months, indicating that the current price has not tempted long-term Bitcoin investors to part with their holdings.

With supply shrinking and demand increasing due to the arrival of institutional investors, Bitcoin remains in a sweet spot. Demand for BTC could receive an additional boost if any of the recently submitted Bitcoin exchange-traded fund applications are approved by the United States Securities and Exchange Commission.

The fundamental sentiment remains positive for the crypto sector but do the technicals also project a bullish picture? Let’s study the charts of the top-10 cryptocurrencies to find out.