Bitcoin is once more gaining ground: Bitcoin Increased by 8%
Bitcoin price seems to be soaring through the sky today. Lately, its moving average is gaining more and more attention from the media and traders alike.BTC is undoubtedly the most popular cryptocurrency in the world right now. Its well-being is a changing process. It is very important for traders and crypto analysts to keep an eye on it. Right now observers are paying attention to a certain trend within the bitcoin community. The 200-week Moving Average is a big concern on their mind at the moment. Many analysts have expressed their opinions via social media on this topic.
After the horrific collapse of Terra, traders are scared. They are fearful of what effect the current political and economic pressures might have on major cryptocurrencies like bitcoin. They have mostly been blaming the hard drop of Bitcoin from $30k to $20k. Most of the traders on Twitter think it was the entire reason the market crashed down. There’s some truth to what they are saying. Bitcoin miserably fell down in its 200-week Moving Average. This is clearly a result of the amount of shock by traders, economists, and the media. Many people would agree with this judgment. Just take a critical look at the statistics, especially considering how hot the entire crypto market was at the time and how miserably it is fighting for itself right now.
The Statistics of Bitcoin’s Current Merit
The price of bitcoin accelerated beyond the 20,500-dollar threshold. This resistance area has been a talk of the industry for a while now. Recently Bitcoin crossed the USD 22,000 mark. Basically, It is up 8 percent in a day and 13% in a week as of today. Most can start trading it near 22,100 American dollars at the moment.
The four-year slump is being followed by the BTC exchange reserves. This news is extremely encouraging for the leading cryptocurrency in the world. Bitcoin dominance is not as far away as one might think. In fact, with the big price increase on Thursday things seem to be more hopeful for all the bitcoin traders and enthusiasts. BTC has been moving away from exchanges for 4 years, and even with the 8-month price retracement, this pattern hasn’t changed completely.
We witnessed in April of last year, that there are incurring significant risks with even major cryptocurrencies. Some think that Bitcoin’s price would never drop below the 50,000-dollar mark. In reality, unanticipated occurrences shock investor confidence and ultimately trigger a crash. It is always a constant threat to Bitcoin because it’s an open market. Crashing is, in reality, a common thing. There will undoubtedly be more.
