Bitcoin has not had a particularly good performance lately. BTC is still not on par with its price trends over the past years. BTC has instead been locked in a bearish grip, which no one anticipated.
Market volatility was high due to extreme crypto winters in the first two-thirds of this year. Bitcoin’s price was hit harder by the collapse of Terra, an algorithmic stablecoin and its ecosystem. BTC saw its market value drop by half, as it lost more than 50% to the crypto market.
But the year’s second half brought a slight hope for the world’s leading cryptocurrency. As the price of Bitcoin began to rise gradually, it started changing slightly. However, the performance was cut short by the bears who took control of the market.
BTC Hovers at the $19K Level
Bitcoin’s price, once at $25,000.200, fell later due to crypto markets. It fell in a downward trend that continued until it crashed.
It had fallen to approximately $18,556 in the preceding day. BTC’s two-month low point was marked by this dramatic drop. BTC trades at $20,186 as of press time, which is more than 9% higher than the previous 24 hours.
Bitcoin to Continue To Display Strong Support
However, Bitcoin still hasn’t received a noteworthy recommendation by many industry professionals despite all these steps. Many crypto analysts remain skeptical that Bitcoin will continue to rise from the current level. It would be difficult to see a bullish trend.
Alexandre Lores from Quantum Economics was telegram-messaging his views on BTC. Lores expressed a hostility to all risks assets due to the current macroeconomic conditions. Bitcoin cannot escape this influence.
He reiterated, however, that BTC’s other contributing influencers are the Russian–Ukraine War and US ESG. Additionally, the Federal Reserve’s stance on interest rates and post-COVID effects are part of the influencers.
For Oanda’s senior market analyst, Craig Erlam, there shouldn’t be any further need to predict future price rises. The analyst stated that there is no need to predict future price rises. Instead, the main focus should be on the potential for a BTC price spiral. His previous outplay was when Bitcoin experienced a positive turnaround in 2020.
As of Wednesday, the activity in equity markets is showing remarkable reclaims. The markets recorded up to a 2% increase for tech stocks such as S&P 500 and Nasdaq.
Featured Image from zipmex. Charts from TradingView.com