There has been some widespread panic circulating the crypto sector, and Bitcoin seems to be caught in the crossfire. As it stands, due to the bearish sentiment of the market any negative news would pull the price down of the cryptocurrency. And this is exactly what is going on after Weibo, the social media giant from China decided to suspend quite a number of accounts that are related to the crypto sector- triggering fears that stricter crackdowns might come in place.
What Is The Short-Term Future Of Bitcoin
There have been reports from Goldman Sachs stating that they had meetings with around 25 different chief investment officers of hedge funds which revealed Bitcoin to be the least favorable asset available for investment. Although this might seem pretty negative currently, it won’t really matter the long-term story of the cryptocurrency.
With the contest of price, there have been quite a few institutional investors that have been inching towards crypto investments in order to protect themselves from the possible surge in the States. As it stands, the current decline of BTC is representative of a larger buying opportunity for most traders in the longer term.
Although Bitcoin has seemingly gone down from the exponential moving average that it had over 20-days on the 3rd of June, it is still finding support near the trendline of the triangle. This indicates that most bulls have been purchasing dips, while bears have been selling on rallies. The subsequent trending move is probably going to be initiated after the price moves out of the triangle.
Currently, the predictions have stated that the bulls need to sustain and propel the price way above the line of resistance, which would help the Bitcoin pair rally over the moving average price over the 50-days at $47,198.