Bitcoin is looking bullish as it has broken the long time resistance at $60k. It has successfully left the danger zone after a lot of struggle breaking the mentioned resistance level which is $60k. It was believed not from me but from many top crypto experts that Bitcoin needs to break 60k and stay above it to move upward , which Bitcoin did gracefully.
Bitcoin price is increased by 5% in the last 24 hours jumping from $60k to $65k. Bitcoin has gained back this level after a lot of struggle. We know that there have been a lot of tough times since the markets fell on 5 august globally. People were scared and believed that Bitcoin will not recover back above $60k but here we are at $65k.
A few more days left to end the month of August i believe that Bitcoin will get back above $70k before the start of new month. If it happens just like i said then we gonna see good moves for the altcoins. The chances of Bull market increases more as long as Bitcoin starts trading above $70k.
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According to a rough estimation, $1.27 Billion in shorts will be liquidated if Bitcoin hits $70k and $3.17 Billion of longs will be liquidated if Bitcoin drops to $59k. It would be interesting to see in which direction the market goes first.
Future trading is risky that is why it is always best to stick with the spot trading because in Spot 1 Bitcoin will remain 1 regardless of its price. You will still have it even if the price goes to zero. While in futures trading you have higher risk as your account can be washed out in a few seconds if it goes against your bet. So its better to stay away from futures trading.
As Bitcoin is out of the red zone now as its trading at $65k , we have moe chances of it going upward. It took a lot of time to come out of the resistance zone but finally it feels good to see bitcoin getting back to this level.
On the other hand Solana ecosystem is thriving as there has been a price surge in the solna based tokens such as $RENDER , $ZEUS , BONK , WIF and $MEW and $WEN. RENDER ehixh jas recently moved from ethereum chain to Solana chain has observed a massive gain in its price. The growth is still happening for Render as its one of the best token that has caught attention of the artists due to its usecase.
SOLANA Ecosystem token $SOL which is used to transact on solana chain itself has gained more than 12% in the last 24 hours. There was a time in the past when Solana was considered as dead chain but then it rose from the ashes and surprised everyone. Now it is one of the best cryptocurrency ecosystem that is still growing and giving tough times to other chains.
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.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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