Since hitting a new all-time high, Bitcoin has had a miserable couple of months. The cryptocurrency recently broke the $30k resistance level last week and then dropped to $28K. Before suddenly recovering back up to over $30K then trending upwards to $34K.
It is a discerning resistance point for Bitcoin. Breaking the price can be the start of a bull market. Opinions rise up that Bitcoin could go as low as $10K if the price breaks $30K.
The Movements of Bitcoin Price
There has always been a huge dip before Bitcoin rallies. The price mainly stays in a certain price range for a period of time. Oscillating slightly up and down. But it never made a substantial movement. And then the ensuing rally takes the coin to a new all-time high.
Now Bitcoin has spent 17 days trading in the $20K to $30K range. This means that there is an air pocket below the $30K line. This shows why traders battle to keep the price over $30K.
Bitcoin lost over 50% of its all-time high value. It usually spells the beginning of a bear market for a cryptocurrency. But it hasn’t been down long enough to be called a bear.
More Likely To Go Up Than Down
According to a report early this year, Bitcoin price will hit $100K in 2021. Bitcoin is in a resting bull-cap market. So it seems that the crypto will take a break before its next rally.
Other users are chiming in with their opinions. With a user predicting as high as over $150k by Christmas.
A user highlighted the lack of momentum in the market. With there not being a lot of buy pressure at around $40K. It drives the price down to the $30K range. But the buying pressure is high at $30K. This stops the coin from falling below the critical threshold.
The shortage of momentum in the market has been a cause for concern. It is sometimes a good thing. With no momentum, investors might assume that the market hit its bottom. Then buying back in to not miss the bottom will be the momentum needed to drive the price up.
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