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Friday, July 1, 2022

Bitcoin Has Been Battling Major Market Bears

The price of Bitcoin did hold on to the support level of $50,000 going into the 25th of December, with BTC bulls avoiding an unwelcome surprise. According to data that was received from TradingView and Cointelegraph Markets Pro, it was highlighted that the BTC/USD exchange had maintained a support level of $50,000 going into the weekend, which soon ranged after the local highs surrounding $51,000. The exchange pair appeared calm as the holiday season got underway, with thinner liquidity yet to present itself as the price moved in its own volatility. 

Bitcoin Might Move Upwards As The Year Draws To An End

With most investors taking a major break from analysis and trading, the nearest target to the upside would remain under the $1 trillion market capitalization valuation level at a support structure of $53,000. As far as Pentoshi, the popular trader, is concerned, a point of friction would step in the form of most sellers actually pushing down the exchange to liquidity at around $46,000, only to then purchase it back in a rebound. 

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As a forecast, Pentoshi stated that at this moment, the market bears were pushing for the offense. If Bitcoin were to take the price down to a support structure of $46k, there could be a lot of resting liquidity there- which would stop the price from moving. They would then start closing shorts and buying some of the spots back. Further out, their close for the year was yet to become a major point of contention, with the cryptocurrency going up by $21,000 from where it was at the start of the year. 

Although a forecast for Bitcoin aiming at a price of $135,000 this month does seem quite overly optimistic, considering the invalidated floor model, it does remain in play under the halving cycle.

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