Bitcoin price crossed over $63,000 on Thursday following the Federal Reserve interest-rate cut. This had positive affect on many markets including cryptocurrency . The interest-rate cut is known to be the catalyst for surge in crypto and stock prices.
Previously Bitcoin had a big resistance at $60000 which was broken after the interest-rate cut was announced. This was one of the key point for crypto prices leaving the bearish zones. The rate cut was actually good as it boosted investors confidence to invest in Bitcoin and other cryptocurrency assets.
MicroStrategy which holds a significant amount of Bitcoin , its Share jumped more than 10% on thursday. Microstrategy holds 244,000 Bitcoin worth over $15 Billion. Despite of the big holding microstrategy is continuously buying more Bitcoins as they believe that Bitcoin has a bright future.
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Bitcoin is now trading at $62600, with a little price decrease in the last 24 hours. The highest price reached for the day is $63600. Now Bitcoin is having a good support level at $62k. Falling down from this level can push it further down which can once again send it below $60k causing more downward pressure.
On the other hand if Bitcoin stays above 62k for some more time then we can expect it moving further upward. Right now Bitcoin is looking more bullish and bull market seems ahead. but what i am afraid of the rising war tension between the countries. If the situation becomes worse then it can leave effects not on world economy but crypto can deeply be effected.
When it comes to cryptocurrency , its just begining as we believe that there is still a lot of room to grow. Bitcoin and other strong narrative altcoins will thrive in the future. Being an early user it is very advantageous for us as we have the chance to buy early when the prices are still very cheap.
Considering the fact that there are only little percentage of world population own crypto and the number is growing now at a rapid pace, looking at the number we are very early which means that when more people will adopt crypto the prices will no longer be same.
Still not convinced ? Ok lets look back into the past and compare them with the current prices. Just 3 to 4 years ago Bitcoin was trading under $10k while now it is at $63k. If we go more years back then you will be surprised as people still regret for selling bitcoin for peanuts.
If you believe something then you should not sell it for peanuts after all you are the one to believe in its future. If you know that Bitcoin will be bigger in the future then why sell for little profits ? This will be into your mind before emptying your bag.
Moreover Cryptocurrency is not born only to make people rich instead it has a deep vision and aim. Crypto is much more than money, you should respect it when taking any decisions. Crypto is born to get rid of the old centralized finance system. Crypto is a hope of better Finance system.
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.
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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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