The currency is overall assessed as technically neutral for the short term.Īccording to expectations, BTC prices could rise long-term and hit hundreds of thousands. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This could give an adverse reaction, but an upward breakthrough of $21,300 means a positive signal. The currency is testing resistance at $21,300. This indicates a slower rising rate at first or the start of more horizontal development.
In the short term, Bitcoin has broken through the floor of a rising trend channel. The price of Bitcoin has fallen by over 12% in the past week and 28.60% over the past three (3) months, pulling the coin’s value to as low as $18,763. Bitcoin acts as a store of value and a payment method for any transaction process in the markets. Satoshi Nakamoto created the coin to overcome the shortcomings of government-issued currencies without requiring a controlling authority. Launched over ten years ago in 2009, Bitcoin is a virtual currency powered by blockchain technology.
With LUNA crashing some months back, speculations were ripe on Bitcoin soon being banned in places where it had already gained some form of acceptance. will likely continue to drive more volatility in the coming weeks and months. Experts say that with no end to the cryptocurrency price seesaw, the war, inflation, and shifting monetary policy in the U.S.
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