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Bitcoin Prepares For An Uptrend As Bitcoin Goes Below $62,000

The digital asset space is waiting for Bitcoin’s next move as the market is currently bearish, following a 1% decrease, which takes Bitcoin below the $62,000 mark. Experts believe that the price drop means that the asset would see more dramatic price growth due to the current market situation.

The asset held the $62,000 support before falling below the mark, and this shows the growing selling pressure is capable of wiping some notable value from the king coin. Bitcoin had maintained the mark above $62,000 for a while, but the downward pressure was too strong, and it took the asset down the mark, with its current support around $61,000.

Bitcoin shows signs of more bullish movements

Strong indications are showing that the asset would move above the $65,000 if bulls hold the support. If the asset goes towards that point, then the next mark would like to be $70,000. Still, the resistance around the point could be one of the biggest problems that the crypto has to bypass to move to the next level.

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The crypto’s current resistance points holds around $65,000, $70,000 and $75,000. On the other hand, the support holds around $50,000, $45,000, and $40,000. Some days ago, the crypto achieved a notable point when it attained the $65,000 mark after struggling to move above the $58,000 resistance point.

The movement above the resistance point initiated the price towards the newly attained high. This has led to some good news for holders who had anticipated the movement for a while and have successfully added gains to their current holdings. Unfortunately, the newly attained point is now the next resistance, and Bitcoin has failed to retake that point as it moves below the $62,000 mark.

It gradually fell and eventually consolidated around the $62,000 mark before it eventually had more dramatic falls. The support is the mark that bulls have to keep as any fall below the current support would take the asset to $60,000.

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Bitcoin continues to see massive adoption from institutional entities

Bitcoin’s adoption is becoming prominent globally as companies are including means for users to purchase times with the digital asset. AXE, one of Europe’s known companies, has joined the leagues of firms supporting Bitcoin payment, which would help the industry achieve adoption within a short while.

The insurer allows customers to pay for products on their websites except for life insurance due to some things attached in terms of regulatory burden. The firm’s ties with a blockchain firm necessitated the inclusion of Bitcoin payments to allow users to use other means of payment.

The global pandemic has been the major reason why the digital asset space is currently very attractive for new and old investors. The company also explained that the asset’s adoption is prominent between all ages.

It becomes one of the most purchased assets, especially for the impressive return within a short time. The business added that users have been asking for the acceptance of cryptocurrency, and it necessitated the firm’s move to include Bitcoin as one of its payment mediums.

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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