In the last two days, bitcoin prices have shown signs that bulls are getting interested again.But this movement could only go forward if key resistance points are broken through. So, investors should closely watch how the price changes over the next few hours. If you are looking for a safe site to trade cryptocurrencies, visit https://tesler.software/.
The bitcoin price will likely hit a wall in the supply zone, which lasts four hours and goes from $23,932 to $24,722. Also, Bitcoin is almost back to being worth $24,655 per coin. The 42% drop was in the middle, and it will be hard to break through.
On the other hand, there are things that need to be fixed, like being inefficient and not having enough money. All of these signs point to a possible decline, at least until it can be shown that the opposite is true.
There is a good chance that the price of Bitcoin will go back to $24,655, which would tell investors to sell. The resulting bear market could push the price of bitcoin below the four-hour fair value gap, which is currently around $21,430.
What the bears will do next is even worse. Bitcoin’s price could keep going down to collect the sell-side liquidity that has built up below the equal lows, which were set at around $20,750.
Even though Bitcoin’s price looks good, this will still happen. In this case, Bitcoin (BTC) could go on a run, pushing the price back to between $28,000 and $29,000.
Why is Bitcoin’s price going up or down right now?
Binance announced early Wednesday morning that it would buy FTX, its fastest-growing competitor. This is because more and more people are asking FTX, one of the biggest cryptocurrency exchanges in the world, how many liquid assets it has. Bitcoin’s price has risen to a level that hasn’t been seen in two years. This shows how much the cryptocurrency market has changed because of this.
For the first time since late 2020, Bitcoin’s price has dropped below $17,000. As of Wednesday afternoon, it was selling for close to $16,500, and it looks like the price will stay the same for a while. After being low but stable for a month, the prices of both bitcoin and Ethereum went down.
There has been a lot of bad news about the economy in the last few months, and the current meltdown makes Bitcoin’s situation even worse. Even the most recent inflation numbers have made the market feel wrong about what is happening, which has helped this trend.
Even though the price of bitcoin has decreased, it has done better than other assets over the past few weeks. These other assets are stocks, gold, the European Euro, the Japanese Yen, the Chinese Yuan, and the British pound. Even worse than Bitcoin, the Chinese Yuan did something.
Martin Hiesboeck, who is in charge of blockchain and cryptocurrency research at Uphold, said, “The market is still weak and tense.” “This is happening because the economy is bad, not because more crypto projects might fail.” “Right now, the market is scared because the economy is bad.”
Several experts say there are no signs that the fighting in Ukraine will end soon. Along with rising inflation and changes in U.S. monetary policy, this is likely to cause more volatility in the coming months.
Bitcoin hasn’t been over $45,000 for more than a few minutes since December 25, 2021, when it was over $50,000 for more than a few minutes. Bitcoin is still a long way from its all-time high, reaching in November when it went up to over $68,000.
This is still true, even though the price of bitcoin has been increasing. Even though the price has been decreasing recently, one bitcoin is still worth more than 2.5 times what it was just a few years ago. Bitcoin has been through changes like these, so they are nothing new.
