Bitcoin the number one cryptocurrency is showing strength the last few days in terms of price. Bitcoin price is increased more than 5% this week which has pushed its price to $71500. If you are closely following its movement then you are very well aware that it had big resistance at $70k.
Its not the first time Bitcoin crossed $70k, but in the past it has failed to stay above this level which pushed it down every time due to the high selling pressure. Actually people take profit when it reaches $70k because some people think this the best price to do so.
Everyone has its own mindset, remember one thing that when someone is selling Bitcoin then someone is buying at the same time. The beauty of freedom in cryptocurrency is to sell whenever you feels like. Its upto you to decide about your holdings.
As of now when Bitcoin is trading above 70k, it would be interesting to see that how long will it manages to stay above it. This is the critical point which can decide the movement of Bitcoin. If you read my blog then you already know that i had wrote few days ago in one of my content that Bitcoin will be above 70k which has come true.
Now if Bitcoin manages to stay above $70k for the next few hours then we can see it moving for the $80k and if it fails to handle resistance and drops below $70k then we can see it dropping to further low levels but this scenario has very less chances because the environment is set bullish for cryptocurrency.
Rumors of China injecting liquidity into cryptocurrency and prediction of trump winning the presidential elections is what pushing crypto towards the bull market. This is why the chances for bitcoin to drop below $70k are very less.
Its good to see Bitcoin is making good gains but this does not printing anything for altcoin holders because altcoins are not moving with Bitcoin which is kinda sad. So far altcoins keeps moving in the same range and there is no significant changes occur in the prices. Bitcoin is already close to its all time high value but altcoins are down upto 70% from the peak.
This is the major gap between the Bitcoin and Altcoin recovery. Predictions were saying back in the past that altcoins will have their time when Bitcoin will come back above 70k which has happened now but altcoins are still not getting any heat.
To my deep understanding altcoin magic can start anytime from now as long as Bitcoin stays above $70k. It can take a little more time but the most thing which matters is that Bitcoin should stay above $70k for altcoins magic.
At the end, I would say that Keep holding your bags as the good times are approaching fast. The long waiting is going to end as Bitcoin is already showing signs of bull market .
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
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