Will Bitcoin (BTC) be able to recover from the recent drop?

  • Bitcoin hits a record high of $69,170, before falling to a 6-day low of $59,000.
  • BlackRock’s Bitcoin ETF Sets Record Volume of $3.7 Billion Amid Volatility.

Bitcoin, the leading cryptocurrency by market capitalization, rose to a new all-time high of $69,170, marking its first record high in over two years. The jubilation was short-lived, as BTC suffered a sharp decline, falling to a 6-day low of $59,323. This volatility has led to a 7% decrease in overall market capitalization, underlining its unpredictable nature.

Bitcoin’s rollercoaster ride reflects the complex interplay of factors that determine its value. In particular, inflows into Bitcoin Exchange Traded Funds (ETFs) in the United States, speculation in derivatives markets, and a potential decrease in the token’s supply growth have contributed to this year’s significant rally. However, this surge has also weakened investor positions, raising fears of a potential market pullback.

Adding to the turmoil, a Bitcoin “whale” — a term for investors holding large amounts of the cryptocurrency — has resurfaced after 14 years, transferring 1,000 BTC (worth about $67.1 million) to the Coinbase exchange. These coins, minted in 2010 when the value of Bitcoin was less than $0.28, have brought in an estimated profit of more than $60 million. This move is speculated to be a catalyst for the sudden market downturn.

Meanwhile, over the same period, BlackRock’s iShares Bitcoin Trust ETF shattered its daily trading volume record, reaching $3.7 billion as Bitcoin hit its peak. This increase in trading volume, a clear indicator of growing mainstream interest in the cryptocurrency, surpassed the previous record of $400 million.

Will Bitcoin Bulls Recover?

Currently, Bitcoin is trading at $66,115.65, down 1.16%. The trading volume amounted to $99 billion, marking an increase of 31%. Amid these developments, analyzes of Bitcoin price movements paint a bullish picture. The daily chart shows an uptrend, with the 9-day simple moving average (SMA) positioned below the trading price at $62,919. However, the daily Relative Strength Index (RSI) suggests an overbought condition, sitting at 72.

BTC price chart, source: TradingView

If the bulls gain the upper hand, BTC could once again reach a new all-time high (ATH), surpassing $69,300. On the contrary, if the bears gain the upper hand, the price could fall to $60,735 and $59,627, respectively.

Leave a Reply

Your email address will not be published. Required fields are marked *

Best Exchanges
Buy, trade, and hold 600+ cryptocurrencies on Binance
Buy, trade, and hold 450+ cryptocurrencies on ByBit
Buy, trade, and hold 150+ cryptocurrencies on Kucoin
Buy, trade, and hold 100+ cryptocurrencies on BitFinex 
Buy, trade, and hold 150+ cryptocurrencies on CoinBase

Guru Investing is an independent source of information about investing , not controlled by any broker. All our reviews and guides are created honestly, according to the best knowledge and judgement of the members of our independent expert team; however, they are intended for informative purposes only and should not be construed as, nor relied upon as, legal advice. You should always make sure that you meet all regulatory requirements before making any financial operations . Copyright ©2024 Email for contact [email protected]
pornhd.com hindisexyporn.com kashmiri girls sex jayasex indaporn.info desi bhabi xxx xlnindia sexo-vids.com 1st time sex video たかはししょうこ動画 javfuck.mobi 真正中出し3本番 彩乃なな sex film sexy film xxxhindividoes.com xnxx indian teens
ano nga ba ang pangarap iwantmoreteleserye.com hello heart episode 3 reshma hot saree images nuporn.mobi xvidies com bihar chudai tubezaur.mobi heroine photo hot dasixx hardcoreporntrends.com ileana d'cruz hot photoshoot www.xxxsexvideo.com xbeegtube.mobi hindi movi
www sxe vidoes erohardcore.info boops sucking dehati fuck kitporn.info chuk chuk rail fuckcomix.com mojoporntube.net gujaratisexvidio probinsyano october 18 2021 full episode freeteleseryetv.net ang probinsyano july 14 2022 قصص سكس كرتون cmsextra.net سكس بنات تخينة