After over two weeks, the price of Bitcoin surpassed the $60k price point. And this time around, it seemed that the bulls were totally in control of the situation. But soon, after a few hours, the bears came back in control. And like always, Bitcoin slips below $60k again, and still faces resistance at the $60k price point. It seems that Bitcoin needs a lot more than some bullish momentum to be able to maintain an upside above the $60k price point.
Bitcoins’s price movements
As the price of Bitcoin fell below the $60k mark again, there is no near support level. Strong support lies at the $40k, $39k, and $38k price levels. The repeated failure to cross the $60k price point and stay above it has made the price movement of Bitcoin quite difficult. In the past month, bulls lost control every time the price of Bitcoin crossed the $60k prie mark, and that was 3-4 times. And every time such things happen, Bitcoin slips back to much lower levels like the $55k price point or even lower. But this time around, the bulls managed to take back control quite swiftly and pulled back the price of Bitcoun above $59k.
Bitcoin made a low of $58,450 which is quite great news for bulls. This is because if the price broke through the $58k support level, then a strong downside momentum could be witnessed. And prices could fall to $54k or even lower. The Fibonacci tool does show that if BTC doesn’t move below the $58k price levels and crosses $60k, then a burst towards the $66k price level could be seen. But difficult to say that how long will bulls remain in control amidst the negative news in the market.
Yes, I am talking about the very old and reputed HSBC bank halting trading of Microstrategy because it holds Bitcoins in its balance sheet. You can read the complete report here. But in short, this move is not great news for the market and even for the companies investing in Bitcoin.
HODL or Sell?
If you turn a few pages of the past then Bitcoin HODLERS have always gained from their position. The price of Bitcoin seems high at $60k and you might think that yeah it’s not going higher. But the same you must have thought that it is too costly at $50k, $40k, and even $30k. Though due to inflation theoretically, the price of Bitcoin could go to infinity. Do note that this is not financial advice but I am pretty optimistic that one can benefit from holding Bitcoins.
What are your thoughts on the fact that Bitcoin slips below the $60k price point as bulls lose control? And do you think in a day or two BTC will be back above $60k? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.