Crypto markets seems to be boring these days as there is no big movement. Bitcoin is stucked under $60k moving in between $60 to $53k while everyone is waiting for the bull market. There is a high sell pressure at $60k which keeps it pushing down. It is getting difficult for Bitcoin to cross the resistance level which is $60k.
On the other hand, Bitcoin is having a strong support at $53k which is not letting it go down further. If this support gets broken then Bitcoin will fall more breaking $50k. This scenario will make troubles for the altcoins as they will bleed heavily.
Alternatively if Bitcoin breaks resistance level then it can unlock further chances of upward growth. In this scenario Bitcoin should be ready to cross $65k and then move to 70k. This will push heat to altcoins and they can go up bringing profits for the holders hence this could be the begining of the bull market .
To my deep understanding and experience , Bitcoin will go down from here for a short period of time, this would be for the final shake out of weak hands and then the come back would be eye opening for the ones fading it. Bitcoin is known to be a surprise giver.
Bitcoin price did cross $60k and hit $61k for a while but then dropped to 59k which is a decrease of around 2%. As Bitcoin is in red now so the whole cryptocurrency market is giving red vibes which simply does not look good as greens are what we all love.
Ethereum price is decreased by 3% following the Bitcoin price action. The highest price recorded was $2372 with lowest of $2277 for the day. According to coingecko which is a website for crypto tracking ,Ethereum is the second largest cryptocurrency by marketcap.
Only Hive is looking green , its price is up around 1% which is still better than other altcoins. But overall Hive still needs to recover a lot as the price is dipping since few months. Hopefully hive will recover back to $1 slowly. This looks difficult but not impossible.
It is true that no one wants to see Bitcoin abd altcoins going down in price especially the holders but from other perspective it is good as it is an opportunity for the investors who look out for the dips. Also some investors wish for the dips as they require DCA to maintain their investments. There are other users who believe in Bitcoin and buy for the longterm , they know that these dips are important opportunities which will be sweet in the future.
There is nothing easy as it looks because these are just speculations and possibilities. In fact, no one is aware about the future. We never know the exact move of the market as it is beyond our control. We can just hope for the good. Hope that we all will smile one day when our crypto bags will be worth a lot.
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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