Bitcoin is currently struggling to recover
The internal conflict had kept Bitcoin prices in check, and many people had begun to worry about its future. The community came together in the nick of time, paved the way and helped people once again believe in Bitcoin. But how long will this attitude last as one can see clearly see that BTC is now on a decline.
After failing once more above USD 19,500, the price of bitcoin began a new drop. Below the USD 19,200 barrier, BTC stayed in a negative zone. Nearly USD 19,500 presently serves as the next significant resistance. Some analysts say that the price will hit the 20,00 USD mark. They think It will not only surpass its previous peak ten times over, but also return to it. The series of sell orders that have been triggered by fear are what you are currently viewing. All bear markets see this typical emotional response. Not only will things return to “normal” once they have stabilized, but prices will also rise to new heights.
At the moment, many non-experts in cryptocurrencies are perplexed by the prices. Most people assume it’s over once they observe significant decreases. The opposite is true and could not be more so. Because of the hype, people tend to buy when the market is high, and by contrast, most people tend to sell when the market is low. The way people sell and buy BTC has a lot to do with its current situation.
This month, Bitcoin has just surpassed the previous all-time high on BitStamp ($19,225). Before that, in January, when Bitcoin achieved its previous all-time high it soared by 17x to reach $ 19,225 in less than a year. The decline in Bitcoin seems to be a correction. There might be a plausible justification for it. For instance, there may be a fork that results from disagreements on how to expedite transaction processing. Or perhaps it’s just profit-taking. Any asset that has increased in value as much as Bitcoin has is vulnerable to profit-taking. Previous movements of Bitcoin have shown that this may be the case, as the price has generally recovered after recent drops.
Therefore, the price may have temporarily decreased as a result of some people selling in order to pocket their winnings. By encouraging people who are long-term bitcoin investors to buy these price drops, the price will recover to its previous level. On the downside, a preliminary support is located close to the USD $19,000 mark. The price might begin a further slide below the next significant support, which is located close to the USD 18,800 region.