Bitcoin price is unable to remain in one place for long
Bitcoin price has been odd for a while now. There are a few ways investors can defend themselves when it comes to protecting their investments during a bad market. Having a diverse portfolio is among the most crucial things to keep in mind. This implies that you shouldn’t, in a sense, put all of your eggs in one basket. You can help to balance any losses you might incur in one area with gains in another by investing in a variety of assets. Another crucial tactic is to keep a long-term perspective. While it may be tempting to liquidate all of your assets during a bear market and wait for things to improve, this is frequently not the wisest move.
Several of the most popular cryptocurrencies on the market lost their weekly gains and are now having difficulty maintaining their predicted levels. These assets’ trading prices began to suggest yesterday that this week will be challenging for the cryptocurrency market. Bitcoin (BTC), the market leader in cryptocurrencies, also suffered a 39 percent decline in market domination. CoinMarketCap, a website that tracks the cryptocurrency industry, reports that its market cap is at $378.542 billion.
BTC’s price is currently trading at roughly $19,778.25, below the crucial $20,000 mark, following a 0.17% decline in price during the previous 24 hours. Additionally, the price of BTC has decreased by more than 3% during the past week. BTC/USDT chart for 4 hours.
Bitcoin Price: More News and Updates
September, or “Septembear” as some may intentionally misspell it, is here, traditionally a negative month for cryptocurrencies. This year’s eagerly awaited Ethereum Merge is near. It is set for September 15th, might have a significant impact on Bitcoin during the next two weeks. After a week of extremely little trade and a market searching for direction, Bitcoin (BTC) concluded the week at almost exactly $20K. Although the US frequently acts as the primary driver of the BTC movement, with the energy crisis and the euro at a twenty-year low versus the dollar, Europe is starting to take the lead.
Bitcoin seems to be able to easily swing in two opposite directions. On the downside, if BTC is unable to maintain the psychologically significant $20K level, $16K may be a potential bottom. If it can maintain its position at $20K, watch for growth to near the $23K level in the upcoming weeks. There doesn’t seem to be a clear winner in the current tug of war between the bulls and the bears. On the downside, there are still many macroeconomic problems that need to be resolved. On the plus side, a number of technical indicators, notably stronger bullish RSI readings, indicate that we may have already bottomed out. Given these two competing factors at play, the recent sideways movement shouldn’t come as a surprise.
According to statistics from on-chain analytics company Glassnode, holders are still working hard to get over the current crypto winter. How powerful this idea is demonstrated in the fun fact of the week that follows. The cryptocurrency fear and greed index, which is noted below, is at 23, almost unchanged from last week, and it is still in the “severe fear” zone.
