It’s already a known fact that by market capitalization, Bitcoin is the biggest cryptocurrency in the world. The latest report from the trading section of the BTC says it struggled today to hold onto its $27,000 level. A short-lived climb toward $28,000 was followed by a correction in the price of Bitcoin, which is now down by 1.64% from the previous day.
Further research into the activities revealed that the price movement of Bitcoin on a daily chart indicates that the positive trend has weakened as it was unable to overcome the $28,000 resistance level. According to the most recent Bitcoin price research, BTC dropped below $27,646.35 and is now trading at $27,064.90.
It was revealed that many things, including worries about legal burden and the effects of Bitcoin mining on the environment, may have contributed to the price decline of Bitcoin. A portion of investor interest may have been distracted away from Bitcoin by the recent rise in Altcoins.
Many analysts are still optimistic about Bitcoin’s long-term potential despite the most recent downturn. They emphasize how mainstream investors are starting to accept cryptocurrencies, and how corporations and organizations all over the world are embracing Bitcoin even more.
Experts Warn Of Impending Price Swing In Bitcoin
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Other experts, however, warn that investors should be ready for huge price swings because Bitcoin is still a very volatile asset. They also point out that the burden of regulation continues to be a major risk factor for the entire Bitcoin business. The recent price movement of Bitcoin has brought to light the difficulties the cryptocurrency sector is facing as it develops.
They have also advised that investors must be willing to withstand market fluctuations and big losses in addition to the possibility of significant returns. They also added that Bitcoin needs a $28,000 comeback to return to its bullish level.
Again, it was said that it needs to hit a $28,000 milestone to prepare it for the $30,000 journey before it hits $31,000 or more. It was also said that the BTC will likely be moving towards a new support level, very close to the EMA50 and EMA20 for a while before it continues its journey towards $31,000.
They have also predicted that the question of whether Bitcoin can maintain its present support level and prevent further decline will be the main concern in the near term. If it can, it might be able to continue moving upward and possibly surpass the $28,000 barrier level. However, if it is unable to maintain its support level, it may be susceptible to more losses and negative.
It has also been reported that the bullish trend in BTC has decreased in the short term, but the long-term picture is still favorable, according to the study of today’s Bitcoin price. With this, investors should proceed with caution as always and be ready for high volatility in the Bitcoin market.