Bitcoin was at the epicenter of the hype associated with the new collapse of the course. Yesterday, a new low was recorded – the BTC price fell below $ 5,000.
Experts note that this situation is a bearish decline, so making clear conclusions about the collapse of the stability of Bitcoin will not be entirely incorrect. In turn, some traders predict a fall in the BTC trading range below $ 4,000. They believe that this is quite possible, given the decline in US stock markets. As the behavior of Bitcoin in recent weeks has been correlated with the stock market, we can witness a new collapse of the most popular digital currency.
Bitcoin resists market pressure and forms a large trading range
Now Bitcoin has established a new trading range. At the time of publication of the article, the daily price of BTC is $ 4950. This indicator is lower by almost $ 6,000 than traditional daily highs for the previous period.
Despite the drop in daily highs, BTC is trying to stabilize the course and bounce up from daily lows. Experts suggest that Bitcoin will maintain a trading range from $ 4,400 to $ 5,000.
The leading trader Bagsey commented on the change in the Bitcoin exchange rate. He notes that it is now imperative to observe the upper and lower limits of the Bitcoin trading range. Based on these indicators, you can get an idea of how the cryptocurrency will continue to behave.
“Bitcoin again fell below the midpoint of the range. To understand the situation, the focus should be on the extreme indicators of the range. ”
Will Bitcoin go below $ 4,000 due to the further fall of traditional markets?
Now we can observe how the Bitcoin exchange rate is trying to stabilize and rebound above $ 5,000. Obvious signs of bullish cryptocurrency activity are a little calming the panic among traders and investors.
Experts note that if the Bitcoin exchange rate rises amid a fall in the stock market, this will play into the hands of the crypto community. This may be a new phase in the development of Bitcoin when the cryptocurrency will be completely independent of traditional markets.
The opposite conviction on Twitter was expressed by another well-known trader – George. He believes that Bitcoin will not be able to cross the border of $ 5,200 and will decline. He suggests that in the current environment, there is a risk that the price of Bitcoin could fall to $ 3,000.
As Bitcoin will show itself further, we can only speculate. Whether Bitcoin will be able to maintain investor confidence or will now be traded as a risky asset – time will tell.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.