The overall crypto market has seen unpredictable moves over the past month. As a result, the market crash saw the total crypto market cap losing over $1 trillion. Different market players had unique reactions as far as the crypto moves are concerned. With the massive crash, investors and traders swapped their cryptocurrencies for stablecoins. For now, market players plan to jump into the craze when things cool down.
Meanwhile, the crypto market still indicates bearishness, including Bitcoin. For that reason, let us find out what Bitcoin has had and what holds the future. Moreover, is BTC rising? Will it sustain its upside moves?
BTC Indicates Downtrends
Though the current market positivity had investors anticipating upward moves, the total market indicates plunges. For instance, Bitcoin’s price maintains a dropping trend. However, savvy investors still have something to smile for in the market. For now, prices hover in the “break it or make it” scenario. At the moment, the currency has its value around the top trend-line, at $34,450. If it manages to overcome its obstacles and stabilize above this mark, it can ride safely to conquer its downtrends attitude for upside moves.
However, the prices have chances to drop and extend the downward momentum. Keep in mind that fundamentals showcase traction in the cryptocurrency market.
The virtual currency space seems to have a smooth move due to the positive news in the crypto atmosphere. For instance, the B-Word meeting had Bitcoin rising to new highs as the financial experts supported the leading coin. Also, Binance participating in NFT promoted most digital currencies. If technical indicators can confirm these moves, the crypto world might enjoy substantial recoveries.
BTC Price Prediction
The Fibonacci Retracement can be a vital tool to tell us where the leading coin might head next. That is in scenarios that Bitcoin deals with downtrends. If trades decide to utilize the prevailing prices, $32,200 can serve as a stop-loss level. Remember, the prices might still retain the downtrends even after breaking the retracement at 50%.
However, if the coin manages to break the vital level at $35K, it might reach $38K without hurdles. That way, it can move to test the psychological mark at $40K.
What are your views on the current bitcoin market? Comment below.
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