Bitcoin’s Price Journey: Ups and Downs
Bitcoin, the world’s most famous digital money, has been going through some big price changes lately. Its price has gone up and down a lot, making investors and traders a bit worried. A new thing that might affect Bitcoin’s price is a possible delay in the U.S. making a big crypto reserve. This article talks about how this delay might change Bitcoin’s price and if it could go back to a price of $78,000.
What’s Happening in the Market?
Bitcoin’s price has been changing a lot, with the lowest prices recently being around $78,000[2][4]. This price has been an important point where people start buying Bitcoin again. The Cumulative Volume Delta (CVD) shows that big investors are buying Bitcoin at important prices like $81,000 and $78,000[3]. This means that long-term investors are getting ready for the next big change in Bitcoin’s price.
Looking at the Numbers: Technical Analysis
Technical indicators help us understand what’s happening in the Bitcoin market right now. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show that Bitcoin’s price might go up. The MACD line has gone above the signal line[1]. Also, there are more people using the Bitcoin network, which is a good sign[1]. But, the market is still careful because Bitcoin’s price can change a lot and there could be more changes.
How a Delay in the U.S. Crypto Reserve Could Affect Bitcoin
A delay in making a U.S. crypto reserve might change how much Bitcoin is bought and sold, and it might make people less sure about the rules. This could make the price of Bitcoin go down and test the lower support levels, like $78,000. But, some people think that Bitcoin’s price could go back up soon and test higher levels, like $91,000 or even $93,000[1][2].
What People Think: Bulls vs. Bears
People who think Bitcoin’s price will go up (bulls) are trying to make the price go higher and reach important levels. If the price goes above $90,000, it could start a big rally to new highs[3]. But, if the price can’t stay at the support levels, it could go down again and face more selling.
What’s Next for Bitcoin?
In short, Bitcoin’s price is going through a lot of changes because of technical indicators, what people think, and things happening outside the market, like new rules. Some traders think Bitcoin’s price might go back to $78,000, but others think it could go up to higher levels. The next few weeks will be important in deciding if Bitcoin can break out of its current changes and start a clear trend of going up.
—
Sources:
– blockchain.news
– newsbtc.com
– bitcoinist.com
– finbold.com
– ainvest.com