Crypto Market Review
The Bears Haven’t Killed Bitcoin Just Yet
Is this crypto bear market nearly over?
Bitcoin has been in a week-long rally, going from the low range of $19K to as high as $23.5K. The strength of the world’s first cryptocurrency is promising. Especially since we’re amid a bear market.
But is Bitcoin’s recent price performance any sign that this Crypto Winter will be short-lived?
Many traders remain confident in Bitcoin. Some experts predict BTC will reach a $32K valuation in the coming weeks. Other experts a more skeptical, with them saying this price movement is a “classic fakeout.” Their proof? They say the market has witnessed this type of price behavior several times in the past.
The good thing is that Bitcoin has risen about its $23K resistance.
Typically, if a cryptocurrency can’t reach or hold above its resistance level, seasoned traders become less confident in the digital asset. Which is usually followed by the coin’s price dropping or retracing back to lower levels.
What is the cause for Bitcoin’s price surge?
According to data from CryptoQuant, Bitcoin miners have exited their positions by offloading $300 million worth of bitcoins. These are…
