Bitcoin

Now When Bitcoin (BTC) Price is Above $30,000, Has the Bear Market Ended or is it Just Another Dead Cat Bounce!

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Bitcoin price after suffering huge crash from past couple of days managed to regain the positions above $30,000

  • While the market sentiments are lowly easing out, it appears that the bearish trend may have eased out, but the traders need to keep a close watch on these levels

Bitcoin price was deeply impacted by the recent UST de-peg, as nearly 50K BTC flooded the markets. And hence the price began dropping extremely hard from the levels around $32,000 to as low as $26,600 in no time. The whales, traders, etc quickly jumped in and uplifted the price above $30,000 again. However, after a huge fall, it is been speculated whether the prices have flipped from the bottoms firmly or is it another dead cat bounce?

btcdeadcatbounce

Bitcoin price flipped from the lows at around $26,600 and surged beyond $31,000 in less than 24 hours. Further, the prices are currently consolidating below $30,500 which raises speculation of the recent bounce is another ‘Dead Cat Bounce’. If the price ignites a bearish trend here, it may be unstoppable until it slices through the newly formed support at $26,600 and hit $25,500. However, at these levels, one can be expected a strong trend reversal as the prices may have dropped beyond the base prices of the institutions. 

On the contrary, the markets seem to be healing and hence one can expect a sigh of relief at least for some time. However, the market remains largely volatile still and hence once cannot confirm a flip from the bearish trend until and unless BTC prices settled between $34,000 and $36,000 as said by a popular analyst.

However, the present scenario points out that the bulls may have entered the ring as Bitcoin raised by nearly 30% in the past 24 hours. Moreover, the asset which held and flipped from the crucial levels below $30,000 fuels the speculation of an incoming uptrend. If it happens, then the BTC price may easily achieve $32,700 and later $34,000. But whether this bounce will be capped and result in another dead cat bounce, needs to be closely monitored.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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