Bitcoin is having tough time crossing $60k because of the strong resistance at this point. The selling pressure is still high due to fear and uncertainty. Investors and traders are confused and avoiding to risk the money into volatile assets. The recent downturn in cryptocurrency and stocks has caused fear to investors globally.
Bitcoin price traded above $60k for a while today and then it dropped below $60k as it fails to handle the selling pressure. Currently , Bitcoin is trading at $58500 with a 2.5% decrease in the last 24 hours. This is getting tough to close above $60k which is indicating that Bitcoin have more chances to enter into the bear zone.
Bitcoin price must trade above $60k in order to leave the bearish zone, only then we can imagine an upward move from the Altcoins . The last dump has left very bad impact on altcoin prices as some of the altcoins have not recovered yet and are still down in price with a significant percentage.
Actually , the global economic conditions are impacting the markets badly. The war crisis are also a major cause for the falling markets which is not only limited to crypto. The tension between Iran and israel must be calm down , that will play a major role for the growth of the markets.
We all know that Altcoins are dependent on Bitcoin movement, if Bitcoin goes up , Altcoins go up and when Bitcoin price drops , altcoins drops as well. Without Bitcoin recovery one cannot imagine altcoin pump. It is necessary for Bitcoin to come out of the bearish zone so that altcoin holders can see the God Candles.
Bitcoin must trade above $70k as it is considered a safe zone for the bull market and to trigger the altcoin pumps. If Bitcoin stays under this level then it would not make any real gains to the altcoins hence leaving the holders hopeless.
If you are not a newbie then you already know that how good the last bull season was. Altcoins printed big time gains to its holders. Myself witness the great times as i did benefit a lot from the last bull market . Those were the happiest times which we all wish to see again.
But there are a few mistakes that done during the last bull season. Those who sold their bags at the peak were lucky while others regret now who didnt sell. Not booking profit at that time was the biggest mistake which will never be repeated in the future if that happy times come again.
Remember one thing that It is always good to take profits along the way as we are all here for the common cause which is money, We cannot deny this as money is a basic need to live in this era. Bull market is very close and can bring joy any time to crypto holders. It would be good to hold onto your bags and wait for the good times to come.
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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