London, UK — The crypto market is in chaos, but Bitcoin has managed to keep investors sane by reclaiming the $30k level. FinancialCentre broker, Andrew Lewis says in just these last few days it’s traded around that price point sometimes falling below then quickly rising back up again when they’re sure no one else can see what happens next!
Bitcoin has been around for over 10 years and it’s currently the most dominant cryptocurrency in terms of market share. At this time, Bitcoin’s 45% is not too low when you consider its all-time high was nearly 80%. While there have been some drops along with recent crashes that may seem alarming at first glance–they aren’t surprising given what transpired last year during our biggest financial scare yet! Many traders who were initially interested in alternative coins during the crash have lost their appetite as prices continue to drop. However, Bitcoin remains the most popular cryptocurrency among traders and investors, and its dominance is likely to continue in the foreseeable future.
Since Bitcoin fell to as low as $28,733 on January 2, the most popular crypto has constantly hit above the $30,000 price level. In the last 7-day price chart of Bitcoin, from January 2 to 8, the cryptocurrency’s price stayed above $30,000 except for a brief below-$30,000 detour on January 6. The last time Bitcoin had fallen below $30,000 was on December 21. At that time, BTC had a slight incline towards the end of 2020 after nosediving from its then all-time high of around $24,000 in mid-December. From December 15 to 21, BTC lost almost 20% of its value.
Comparing today’s market with that period, it is safe to say that BTC is in a much better position now. Currently, BTC is changing hands at $32,022 after hitting a new all-time high of $33,007 earlier today. The question now is whether Bitcoin can continue its upward momentum or it will face a major correction soon. Only time will tell.
It’s been a tough year for Bitcoin investors. The cryptocurrency has seen its value plunge since the beginning of 2018, and there seems to be no end in sight. But while the short-term outlook may be bleak, experts say that there’s still reason to be optimistic about Bitcoin in the long run. They point to the fact that global markets are currently facing a number of challenges, including trade tensions and geopolitical uncertainty. As long as these factors remain in play, investors are likely to be cautious about putting their money into risky assets like cryptocurrency. However, once these issues start to abate, interest in Bitcoin is likely to pick up once again. So even though it might take some time for the Bitcoin price to recover, there’s still a strong case to be made for holding onto your coins in the hopes of a bright future.
Bitcoin has been on a tear lately, rising nearly 3% over the past 24 hours and hitting new all-time highs. However, the cryptocurrency appears to be consolidating in a tight range, not dropping below yesterday’s levels. This suggests that an additional downward trend may not occur.
Nevertheless, Bitcoin remains a volatile asset, so investors should still exercise caution. Overall, the market seems to be bullish on Bitcoin, and the recent price action suggests that the rally may continue in the near term.
While the current trend shows that the Bitcoin price may not fall any further, there is a high possibility that it will rise above $31,000. Currently, there is an increasing demand for Bitcoin, due to its limited supply and potential for a high return on investment. Also, more and more businesses are beginning to accept Bitcoin as a form of payment, which could lead to even more demand. If the current trend continues, it is very likely that the Bitcoin price will rise above $31,000 in the near future.
Bitcoin’s current support lies at US$27,000 while its initial resistance holds on to the 33k level. We may see bitcoin crossing 31K in the coming days as momentum improves over last night. The cryptocurrency market has been in consolidation mode for the past few days as investors awaited a breakout. However, Bitcoin finally managed to breach above the key $30,000 level and hit a new all-time high of $33,000. The move higher was supported by a strong surge in buying volume which indicates that the bulls are back in control. Looking ahead, the next key level to watch will be $35,000 which is seen as the next major resistance. A breakout above this level could open up the upside towards $40,000. On the downside, support is seen at $31,000 and a break below this level could see Bitcoin retesting the $30,000 support.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.