It was midday on May 12 when Bitcoin (BTC) plunged to $26,350.19. It was the lowest level Bitcoin has hit since late 2020. However, Bitcoin started recovering from its lowest level and its value is still undergoing a recovery.
From the looks of it, the bulls are determined for a rematch against the bears at the $30,000 checkpoint. The demand for Bitcoin has been rising and for now, its target seems to be $30,000.
Updates from Major Exchanges
It seems that history is repeating itself as Bitcoin has started moving towards the recovery phase. After diving down to $26,000, Bitcoin has started recovering, proving to be extremely attractive for investors.
Many cryptocurrency exchanges have started recording a tremendous surge in demand for Bitcoin. This time, the investors are not aiming to open short positions. Instead, they are eager to open long positions for higher gains in the long term.
So far, several confirmations surrounding the acquisition of Bitcoin have come from Binance, KuCoin, Kraken, and Bitfinex. Bitfinex even went on to make an announcement about the opening of long positions for Bitcoin. The exchange has announced that the new long positions being opened are the new all-time high they have recorded.
Bitcoin hitting a low price is the best opportunity for investors to accumulate as much Bitcoin as possible. In the past, it was the input of major investors and Bitcoin hodlers who ran the trend for Bitcoin.
However, this time, it was due to the de-pegging of UST that has caused huge anarchy in the entire crypto sector. The investors started liquidating their investments in USDT as well as all major cryptocurrencies, including Bitcoin.
Recovery of Bitcoin As Things Settle
CoinMarketCap shows that things are returning to normal after the huge collapse. The bulls are now challenging the trend and so far, their attempts haven’t gone in vain. At three different time intervals, the bulls have successfully hit and crossed the $30,000 mark.
However, most of the investors are still uncertain due to the recent happenings. The constant pressure coming in from the US Treasury for the increment in interest rates has also pushed investors to a corner.
The global economy is constantly being challenged by worldly affairs and most importantly, the Russian-Ukraine conflict. The inflation as well as the interest rates are skyrocketing. Therefore, investors are pulling from their investments whether they are stocks, commodities, or cryptocurrencies.
Once things start settling, everything may start coming back to normal. The situation for Bitcoin may also get better over time and it may hit the $32k mark again. When that happens, Bitcoin will be able to replenish its market value. That is when the investors will gain tremendously from their investments in Bitcoin.