Bitcoin Fundamental Still Strong, But Bearish Still Pressing. Is this the End of the BTC Bulls? – Bitcoin and the crypto aggregate market are once again extending their downward movement which first began when BTC reached the level of $ 13,800, which now seems to be a local peak that might last in the near future.
Nonetheless, Bitcoin basically still has strong fundamentals, which can mean that any volatile trade at this time is only a transaction turmoil which in the end will be in vain compared to the huge profits that BTC might print in the coming months and years.
At the time of the press, the price of Bitcoin had dropped 7.1 percent and occupied the region of $ 10,281 or Rp. 145 million, according to CoinGecko.
Bitcoin has faced increasing selling pressure over the past week and has failed to send a significant surge since reaching its highest year-to-date level of $ 13,800, which seems to be a short-term peak that may not be reviewed for some time.
This Bearish price action has caught a lot of the negligence of the Bitcoin Bulls, as overall market sentiment has become very bullish after BTC broke above the $ 10,000 level, which caused widespread euphoria that has subsided.
Nonetheless, Bulls and long-term investors must remember that Bitcoin rose significantly from its lowest level in 2020 around the level of $ 4,000, and has experienced some very bullish developments in recent times, including the entry of many institutional investors into the market.
In addition, the hash rate of BTC has also risen and continues to rise, and has only fallen slightly from new highs of the newly formed period.
All of these bullish fundamental developments certainly contribute to the momentum of the Bitcoin increase that occurred during the recent increase, but is that enough to reduce the selling pressure faced by BTC in the near future?
Bleeding Crypto, a popular cryptocurrency analyst on Twitter, talked about Bitcoin in a tweet explaining that he believed BTC would fall to the region of $ 9,000 in the near future, but also noted that this might be a strong support level. He also said:
“$ BTC marches well with a retracement to 30EMA (Purple) every day. We MAY go to the area of $ 9,900 – $ 9,700. Hopefully we can get up from there. 30EMA on a daily basis has become an area where we have found Support in the past and we have risen from there. ”
Although it is still unclear at the moment whether Bitcoin will continue to erase its recent increase, from a macro perspective it looks as if the more bullish fundamentals will help lead it to significantly move higher. Let’s wait and see.