Bitcoin price is expected to hit new lows this weekend, however, very fewer efforts are seen to bring back the momentum
Is it whether the bitcoin craze has faded away as it was in the first quarter of 2021 or the diminished circulation that might have hampered volatility is the question needs to be answered
One of the most eye-catching sectors where millions of people did billions of profit in the first quarter is going cool and calm. The reason is quite obvious, Bitcoin price is maintaining a stand-still trend with a reduction in ‘Bitcoin Buy‘. And hence BTC price is trending within a small stipulated zone.
The most interesting part is, the craze, the ‘want’ for Bitcoin appears to have faded as the volatility is squeezed. Way back in the last quarter of 2020, when the price was about to take off, the crypto space witnessed a similar scenario. The price trended around $10K to $12K until it received a boost by the end of October 2020.
Further, the price kept on recording new highs, however, slight corrections also made their way. The point here is, the traders then, were shaken by the March 2020 crash and were much sceptical to buy Bitcoin at a lower price. And jumped into action as the rally gained momentum.
The current layout reflects the prior event as traders are still not showcasing their willingness to go for Bitcoin. Or it might be that some may be waiting for the BTC price to rise as they might have bought for much higher prices. In both cases, traders could not buy Bitcoin at lower rates when the BTC rally was calm. And intensified the buying as the price already rose more than 40%.
Collectively, as history repeats, people tend to jump in the running train rather than boarding onto a train ready to depart. No doubt there is no good time or bad time to buy bitcoin but there is always to sell Bitcoin. The current BTC price movements suggest the lessened traction for the asset. And with a new bull run, the traders will also make a move.