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Tuesday, July 5, 2022

Bitcoin Price Will Look Towards Breaking Slump

The price of Bitcoin has been struggling quite a lot to break into the resistance mark of $50,000 for the last ten days now. However, the 2nd of September saw the cryptocurrency moving past the milestone, which sent legitimate ripples throughout the crypto market. Since then, the token has gone down once again in the range of $49,000, before it went out to hit the $50,000 mark on the 3rd of September.

Since the cryptocurrency usually behaves in a typical cyclical pattern, one look at the monthly trends would reveal price patterns- which could measure the outlook for the next month. 

Bitcoin Aiming To Break Through The Resistance Level

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Throughout history, September has been one of the most unimpressive months for Bitcoin. A single look at the monthly data on the price of the cryptocurrency since 2013 will reveal that the token currency has posted gains on the positive scale in this month only twice in eight-year- in 2015 and 2016- with a maximum range of 6% which will be thought of as flat. The manager of Kraken Intelligence, Pete Humiston, has already mentioned to Cointelegraph that this trend could be quite impressive for cryptocurrency. 

Interestingly, Bitcoin has gone ahead and posted in the red in September for four out of the last five years- whereas it is incidentally the bleakest period for this cryptocurrency.

This is precisely why the resistance level of $50,000 has always been thought of as the most significant resistance level for this cryptocurrency ever since it went through the barrier just days after Elon Musk, the CEO of Tesla, announced that his company had purchased BTC worth $1.5 billion. The company has also decided to use this cryptocurrency as an accepted method of payment. 

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Cointelegraph went on to discuss this particular scenario with Hunain Naseer, who has been the senior analyst at OKEx Insights- the team of research that deals with cryptocurrency exchange OKEx. According to him, the struggle of Bitcoin under $50,000 will be one of the big fights that market bulls need to win. 

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