Bitcoin recently had a file Collide Less than $30,000 this week. For the first time since January 2021. $30,000 was a stronghold Currency For a long time since Bitcoin started dropping to an all-time high of $64,000. A good retention point to make sure bitcoin doesn’t crash into a file Bear Market.
but when it Currency Finally broke it and went under $30K, all bets off. Or so it seemed. within two hours, Currency have regressed. Trade over $32,000 in just a few hours. Currently stable at $33,000.
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But what level does Bitcoin have to reach for there to be a recovery to $49,000? The answer is 34 thousand dollars.
Midweek market closed
Breakdowns that occur at the beginning of the trading week are not uncommon. People are just back in the market and getting ready for next week. A crash is always a buying opportunity and when people start buying again, prices start to go up.
Bitcoin is currently struggling at $33,000. but if Currency It could close at $34,000 at the end of the market day, then we could see a rebound to $49,000.
The $34,000 resistance level means that there is more confidence in the market. More people keep than sell. As usual, strong hands will save the market.
Bitcoin price dumped in January | Source: BTCUSD on TradingView.com
With a steady recovery in the charts, there could be a significant rally on the way. With previous market trends, we could have hit bottom in bitcoin. Fixed market buybacks may be exactly what it could be Currency needs.
With miners working back up, the cost of bitcoin mining will rise. This is likely due to the fact that they will have to create places with higher energy prices than in China. As energy prices rise, the cost of production will increase. This means that new bitcoins entering the market will do so at a higher price.
Miners always set the price of their new coins at a premium over the mining price. Also at a price that guarantees them to make a profit from their mining activities. These new high priced coins are sure to have a positive impact on the bitcoin price. It might definitely be the bump that Bitcoin needs to get back into the bull.
Bitcoin recovery trend
There was always a big drop in prices before the big run. Back in January, there was a 15% drop in price in 24 hours. After that, Bitcoin began an unforgettable recovery. Until you reach a new all-time high. And so, while it might look like a file Currency You will get rid, it is possible that you are preparing to recover.
With such a massive downtrend, a recovery after this will be crucial. It leads to new numbers and incredible daily earnings.
But that only happens when investors start believing in the market again. The Fear and Greed Index Still in great fear. People are still filtering huge amounts of cryptocurrency every day. Trying to get out of the market.
There is speculation that there could be an advent pull the rug. So people try to avoid it. Some investors liquidate their crypto assets at losses. All out of fear of being in the market when it keeps getting dumped.
But the best way to invest in cryptocurrency has always been for the long term. Once weak hands are out of the market, there may be an increase. Having strong hands in the market means that there are no liquidations due to the fear of this happening. People will buy and own because they believe in the original.
Featured image from The Independent, chart from TradingView.com