Bitcoin: after the crisis, stabilization and the first rebounds – BeinCrypto International

After a long dizzying fall, it seems that Bitcoin has finally hit bottom to better come back.

Good news for the crypto sphere

It was said to be lost as well as symbol of an ephemeral industry on the way to disappearing but it is not so! After several weeks of falling to hold around $25,000, Bitcoin finally seems to have found something to climb back up.

The object of all the speculation that predicted further downside, the small orange coin confirms the end of a bearish pattern. Now housed around the $30,000 that many considered a safe threshold, Bitcoin has just bounce back 6% over the weekend before stabilizing. According to the website Investing.comthe situation is enough to call members of the crypto sphere to reinvest in the token before seeing its value climb.

Bitcoin had been trading in a directionless trend and was just testing investors’ patience. During the consolidation, the stock had a slight downward trend, which was reflected in the creation of downward trendline resistance on the charts. Today, the stock broke above its downside trendline resistance, which is the first sign of potential upside after its slump earlier this month. Additionally, strong demand for Bitcoin resulted in a price gain of more than 4% to US$30,661 (as of 2:55 PM IST), making the breakout even stronger.

Excerpt from Investing.com analysis

Source: Daily chart made by Binance

The most famous of cryptocurrencies is still far from the peaks attributed to it for the year 2022 but has managed to keep an acceptable value which gives hope to its most passionate investors. Better still, after several small rebounds, it seems that Bitcoin could go back up for the long term. According FXEmpirethe token could easily hit $31,000 and would continue its ascent despite a disappointing past week.

Despite a disappointing weekend and a further rise on Monday, Bitcoin still confirmed a record ninth consecutive negative weekly close on Sunday. The world’s largest cryptocurrency by market capitalization remains on track having fallen just over 18% in May. A second consecutive monthly loss, with prices down around 55% at current levels from last November’s record high.

Excerpt from FXEmpire website article

The rise of Bitcoin will depend on the public

As investors are likely to flock in the coming days and enthusiasts won’t take their eyes off the curves, it is necessary to remember that the actual rise of Bitcoin will only depend on the behavior of the crypto sphere. Indeed, if one wishes to find the tops, it will be necessary to give up the idea to make fortune immediately and to exchange its tokens with the least rise. A scheme strongly denounced by the big CEOs.

It’s good because all the non-legitimate projects are gone. Those who are will be able to focus only on development, on building and forget about the token’s valuation because everyone else is down. […] When everything is green, nobody thinks about building, everyone thinks about making a fortune and that’s a bad state of mind.

Bertrand Perez, CEO of the Web3 Foundation in an interview for CNBC at the World Economic Forum in Davos

The crypto world must therefore remain patient if we want to rebuild the digital currency economy as soon as possible.

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Bitcoin: after the crisis, stabilization and the first rebounds – BeinCrypto International


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