By Hassan Mehmood (Saudi Arabia)
Bitcoin has been behaving a little out of whack these couple of weeks as after holding an all-time high price point of about $58k, it suddenly dropped to around $43,000 value and then rebounded back to above $50k. This pattern continues for a few days. Once again, Bitcoin is seen in the middle $40k+ bracket, which intensified the trade in the crypto market, and billions were liquidated following this trend. This also compelled the miners to pull their support and profit for themselves while leaving the crypto market, especially the Bitcoin lurking.
Market Trends Stabilizing after the Non-Consistent Hustle of Bitcoin
Bitcoin has been behaving in a haphazard manner past couple of weeks, and the bullish trend did seem to vanish, and in its place, the bearish trend was more prominent. But as they say, wait for the market to turn, and it did today, where a keen analysis of the market deposits that Bitcoin has been trading at an intraday high of $47,500 has helped Bitcoin swim above the descending trend-line resistance associated with falling wedge design. This is not only great but could signal that Bitcoin is finally on the road to recovery and might reach there sooner than later.
Also read:Bitcoin’s Chances of Hitting above $50k
This emergence over the resistance line has allowed Bitcoin to have some breathing space and see expected gains regarding the upcoming sessions where the $50k margin is looking as the bull’s primary target if everything goes right.
The support area for Bitcoin, which falls in between the $43k-$45.5k, needs to hold if Bitcoin is to reach the ultimate price point above $50k in the future. This is a great time for the investors to pitch in and get ahead in the game because if everything goes right, nothing will stop Bitcoin from reclaiming its primary position among the price charts and in the crypto market.
Other altcoins such as Ethereum are also on the line to this weird pattern of bullish and mostly now bearish trends with Bitcoin; it affects their performance and their chance of reaching an all-time high value. If Bitcoin reclaims its initial $58k price point, then the chances for altcoins to break barriers would become more apparent, and the crypto market would most certainly thrive once again.
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