Even though last week we were reporting on bitcoin’s success and the incredible bullish rally it has had over the past couple of weeks, this week has begun and been one of the most devastating ones.
We have seen the price go from $6,300 to an incredible $8,500 two-month high level in the last 3 weeks, But, all this has come crushing in the last three days. The bearish trend set in on Monday 30- dropping below $8,000 in a surprising move- after successfully maintaining above $8,000 and close to $8,200 through the weekend.
After starting the day slightly above $8,100, bitcoin took a surprising downward turn slipping to slightly above $7,900 where it remained for the better part of the day. On Tuesday, the bullish market had defended the digital asset and for a few hours, it seemed like all would be well.
But this wasn’t going to last. Bitcoin would later slip below the $8,000 support level, bounce back and then head downward for the worse, and remain there.
So far, bitcoin has fallen to around $7,500 with the price at the time of press being $7,576. This represents an eleven per cent price decline since the all-time high of $8,500. The loss has been significant for the crypto community and has affected the whole market, with almost all altcoins turning red in the last 72 hours.
Is This The End Of Bitcoin Good Times ?
We know a lot of things have been happening in regard to bitcoin-the rejected bitcoin ETF proposal, South Korea’s crypto-tax proposal-but, nothing seems to explain why the digital asset is shedding billions.
The two announcements, disregarding the fact that the SEC’s bitcoin ETF’s rejection caused a price uproar with investor panicking, but, was sorted, could not have led bitcoin to lose so much in such little time.
However, a minor price correction was expected soon given that during the price hike seen about two weeks ago saw bitcoin overbought which led to some ridiculous price hikes.
When the price was soaring, a few bearish experts were convinced that the bullish run was not going to last and would ultimately lead to prices falling all the way to $5,000 or $3,000, some were even convinced that this was being masterminded by wealthy bitcoin holders who were looking to dump them before it finally crashes and burns.
Now the question is, will bitcoin recover or is this the end for it? Fortunately, for bitcoin enthusiasts at least, the situation is still salvageable. A successful bullish run to the 50-week moving average, $8,430, would re-establish bitcoin’s position.
Many experts are looking forward to seeing bitcoin hit $10,000 and a crack at the $8,430 level would make that goal that much easier. However, the cryptocurrency that was struggling to go past $8,200 now has it twice as hard to get to around $8,500 which experts want to see broken if all is to be well.
Bitcoin is not dead, and it remains a long way from it. However, what might be dying is the bullish morale. Many experts have bet on bitcoin to outdo itself this year but time and time again any attempt at a bullish rally has proven futile. Again, and again it continues to fail and frankly, bitcoin is running out of chances to redeem itself.
