It's Only up for Bitcoin (BTC) as It Reached Fundamental Support: Crypto Market Review, August 29

  • 📰 Utoday_en
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 63%

United States News News

United States United States Latest News,United States United States Headlines

$BTC nosedive below $20,000 gets us back to the beginning of this summer, but the sentiment on the market is far from June's

With the plunge to $20,000, Bitcoin has entered an accumulation range formed back in June when the price of the first cryptocurrency consolidated in the $17,000-$20,000 range. With the help of retail investors who bet on the long-term reversal of the asset, we saw a bounce to $25,000.

Since BTC failed to deliver on the expectations of those who grabbed the asset at the average price of $18,000, we are less likely to see a repeat of this scenario if the coin drops back to the values we saw back in June.One way or another, Bitcoin's inability to reach new highs during the most recent rally does not mean that we will not see a spike in buying volume. At this time, BTC might enter a reversal for a different reason.

For now, Bitcoin's volatility returned to the extremely low level we saw between Aug. 21 and Aug. 25. The drop in volatility suggests that traders and investors are not yet ready to support the reversal of the first cryptocurrency.As expected, alternative cryptocurrencies are following Bitcoin and showing an absence of upwards momentum. Obviously, the main reason behind it is massive outflows from the market.

While the story most certainly fueled the plunge of the token's value, the main reason behind the drop is the situation on the market and Bitcoin's nosedive.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Will this rewrite historyy ... .

SheldonEvans recommended me this 💰

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 295. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US stocks lose $1.25T in a day — more than entire crypto market cap$1.25 trillion in a day?! If that is not concerning, we don’t know what is. The U.S. stock market lost more value in a day than the entire market cap of Bitcoin and altcoins COMBINED!! oooh my god...🔥🔥 HEX.COM users unaffected we are early
Source: Cointelegraph - 🏆 562. / 51 Read more »