• bitcoinBitcoin (BTC) $ 17,029.91 0.41%
  • ethereumEthereum (ETH) $ 1,260.78 0.67%
  • tetherTether (USDT) $ 1.00 0%
  • bnbBNB (BNB) $ 289.68 0.51%
  • usd-coinUSD Coin (USDC) $ 0.999934 0.02%
  • binance-usdBinance USD (BUSD) $ 1.00 0.06%
  • xrpXRP (XRP) $ 0.391909 1.17%
  • dogecoinDogecoin (DOGE) $ 0.103499 1.91%
  • cardanoCardano (ADA) $ 0.322987 0.47%
  • matic-networkPolygon (MATIC) $ 0.915808 0.47%

Bitcoin Support Broken as BTC Drops Below $32,000

 Bitcoin Support Broken as BTC Drops Below $32,000

Bitcoin has seen a large price hike in the recent bull market towards cryptocurrency and with parabolic growth proving to be an alarming rate, the hype surrounding the leading crypto token in the market has been significant.

As investors both large and small look to move their investment away from fiat currency, bitcoin continued to rally through all time high price records as the likes of JP Morgan and other large institutions look towards the digital coin as a viable investment asset.

The growth for BTC was always going to have a downward swing that followed the parabolic, straight line raise in price, however late adopters of the crypto have suffered from a knee jerk reaction, pushing many to believe that they have invested wrongly and selling out of their position and holding at a loss.

Widescale speculation within the circles that remain bullish on the digital currency points towards this drop being highly expected, with many of the belief that the most recent downward swing possibly a move by large holders of investors looking to manipulate the price of bitcoin to allow them to further add to their holding at a lower entry point.

The U.S Federal Reserve chair Janet Yellen has recently looked to inform investors that bitcoin is a “highly speculative” investment and has tried to advise retail investors with stake or thoughts of possible investment, to hold their money as fiat currency rather than moving into the digital currency hype.

Bitcoin has been a volatile market for a number of years and having seen a previous market which saw BTC reach $17,000 drop over 85% for a 3-year period, before making a stern movement upwards and breaking record price highs consistently over the period of 4 weeks.

While the price of bitcoin has broken the bottom line of support, longer term holders are not looking at taking their losses, this is a pattern that has been seen before and with cryptocurrency generally travelling through cycles, this is a dip that is expected to potentially be the foundation of a new push for another run for another potential breakout.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related post