Yesterday, bitcoin reversed. Bulls failed to break the $60K barrier. Therefore, the correction is highly likely. Currently, there are three support levels located at 52,300, 44,500, and 56,000. The Kijun-sen line of the Ichimoku indicator is also located at the level of 56,000. Thus, volatility has dropped over the past 9 days and continues to decline. According to the crypto market experts, trading volume is also decreasing. This means that fewer bitcoins are traded on exchanges. Meanwhile, the influx and run-off of investors is small. Some experts link the recent bitcoin rally to the peculiarities of the crypto market. After all, if there are few market participants, any major transaction can lead to a strong rise or fall in the rate. Apart from that, the bitcoin market has been bullish for over a year. It is a long period of time. The bullish trend has never been so long-lasting before. However, everything has a time limit. Moreover, a technical correction is needed. On top of that, the influx of new investors that contributed to bitcoin’s bullish run significantly decreased in recent months. Only few market participants are now willing to purchase the cryptocurrency for $60K per coin. As a reminder, many investors view BTC as an investment and not as a form of payment. Consequently, bitcoin should bring investors profits. Therefore, it should be bought at the cheapest price, and sold at the highest price possible. Maybe in the future, bitcoin will cost $100K or even $200K. However, it is unlikely to happen at the moment since bullish sentiment is fading. MicroStrategy seems to be the only one to continue investing in BTC. In recent months, around 10 more or less large companies have invested in the world’s number one currency. In fact, companies such as Apple, Microsoft, and Amazon were not on the list. This means that not every company is ready to follow Tesla’s suit. Even Elon Musk started to pay more attention to Tesla and SpaceX and not to BTC. Thus, bitcoin may grow to $100K during the next bullish period.
Bulls still cannot break the $60K barrier. Meanwhile, a full-fledged correction has not started so far. It seems that bitcoin is on the verge of collapse. The world’s flagship cryptocurrency needs an influx of new investors. Otherwise, the largest part of market participants may think that the current price is bitcoin’s highest value. In such a case, a sell-off will begin. Thus, if the price consolidates below one of the support levels (the image shows all three of them), it is likely to go down to the next one.
The material has been provided by InstaForex Company – www.instaforex.com
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