Is Bitcoin clinging onto a chance for comeback?
Some speculations that Bitcoin, by far the most popular cryptocurrency, is one of the biggest bubbles in history and that it is doomed to fail continued for much of the year. And they do now.
Markets are in the aftermath of the drastic fall from highs as high as 20,000 USD last year to below 4,000 Dollars weeks ago.
If you are a cryto fan, chances are you know about the first real world purchase with Bitcoin. The one that involved two pizzas back on a day in 2010 when they cost 10,000 BTC, an amounted that was to be valued at 100 million Dollars only seven years later.
Now, that historic early exchange persists to illustrate the crux of the matter: the long-running volatility Bitcoin continues to experience, an issue that one way or another has to eventually be settled either with moderate stability or a total fallout. The stakes are, indeed, high as we get closer to the end of this crushing year for the cryptocurrency.
An increase in the past 48 hours of trading has given the Bitcoin considerable leverage against fears, trumped up or genuine, of further decline from a low point of almost 15 months.
In the face of all odds, BTCUSD has managed to grab a moment of revival and increased by over 16 percent at some point.
Currently trading just over 4,300 USD, it is on an upward trajectory. The price is edging up towards 4,580 according to a Limit Forex technical analysis at Tradingview dot com.
“The price is currently testing the level 4320 inside the rising broadening wedge. As the upside movement continues, 4580 will be eyed in the short-term. After that, we might see some technical rebound. 4220 will be the support in that case,” the analysis argues.
Whether this can prove to be a turning point from the worst is yet to be seen — depending much on the investor sentiments and wider factors at play.