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Saturday, May 28, 2022

Bitcoin News: Hint Of March 2020 Crash To Repeat For BTC

The price of Bitcoin remains constant as some small players along with big whales are voluntarily choosing to opt for Bitcoin in the current times. There was again a test of $38,000 for BTC in one night as the new week began with confusion and ambiguity among the numerous traders. 

Small And Big Bitcoin Bets Rushing In

As per the data from TradingView and Cointelegraph Markets Pro, the BTC/USD was circling at $39,000 after it went through numerous attempts to overcome the $38,000 level. The pair of BTC/USD also experienced a $40,000 spurt for a very short span of time because of all the developments in the geopolitical arena. However, after a minute the earlier status came back. 

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The fakeouts to go to larger levels came to halt with Bitcoin as it came circling back and had to liquidate both long and short positions. This kind of behavior was not new for the participants of this month. 

The phenomenon of low timeframes also means that there can be an upcoming downtrend. There was a warning that was given to the followers of Twitter that the candles of BTC for the first time after the pandemic was flirting with the 200 MA. 

If the entire week goes just like that, people should take grab the opportunity and this could change their life forever. The average of 200 weeks is $20,000 and is rising gradually which was never violated in the whole lifespan of BTC. This means that a drop of 50% from the recent spot and a drop of 70% from high records is required which has never been seen in BTC. BTC stood strong because of stock markets in the whole week. Furthermore, Pentoshi, a very popular market trader stated that in the future a similar event like the Wall Street Crash can happen in the market.

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