” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin for a long time since bitcoin began its descent down for its $64k all-time high. A good holding point to make sure that bitcoin does not crash into a
But what level must bitcoin attain for there to be a recovery to $49k? The answer is $34k.
Midweek Market Closes
A crash happening at the beginning of the trading week is not uncommon. People are just returning back to the market and gearing up for the week ahead. A crash is always an opportunity to buy and when people start buying back in, prices start to go up.
Miners always set the price of their new coins at a higher than mining price. Also at a price that ensures that they make a profit from their mining activities. These new coins with higher prices are sure to have a positive effect on the price of bitcoin. It could definitely be the bump that bitcoin needs to get back on the bull.
But that only happens once investors start having faith in the market again. The Fear & Greed Index still remains in extreme fear. People are still liquidating massive amounts of crypto daily. Trying to get out of the market.
There are speculations that there could be a coming rug pull. So people are trying to avoid that. Some investors are liquidating their crypto assets at losses. All in fear of being in the market when it keeps dumping.
But the best way to invest in crypto has always been long-term. Once the weak hands exit the market, there could be a run-up. Strong hands remaining in the market means that there are no liquidations due to fear going on. People will be buying and holding because they believe in the asset.
Featured image from The Independent, chart from TradingView.com