Bitcoin’s price movements show that the currency has been in trouble. The Bitcoin price has not often fallen to $18K in the past 3 weeks. In the week that passed, it mostly held the $19K price.
On Tuesday it reclaimed the $20K mark, but then returned to its original level. It was currently trading at $19K as of Friday.
Although Bitcoin is a low-priced asset, the movements of its prices have been relatively steady. However, this isn’t true of most other digital assets. While investors fight rising inflation, it is still uncertain what the wider crypto market will look like.
Investors should also be concerned about tighter Federal Reserve monetary policy and potential geopolitical crisis.
Details on BTC price
Over the last 30 day, the price of the biggest cryptocurrency has hovered around $20K. Experts believe this is not the end of its price crash. Bollinger bandwidth has seen its lowest point, according to a report. Experts examined the current bandwidth data and found that the trend was 5-fold smaller than in 2020.
One of five times, a surge was only recorded. That was the $69K record in October 2017. BTC’s decline of around 16% over the last 20 days was revealed by 4 additional times.
The current BTC position can lead to a swing. Chances are that this could be a further drop in its price, as per experts’ viewpoint from the narrow Bollinger bandwidth.
An historic fall of Terra LUNA, the native crypto token, has left investors still uneasy about the cryptocurrency market. In response to regular market volatility, the crypto market trades at high volatility.
Bitcoin to Recover in the Near Future?
Glassnode reports that the number of Bitcoins currently available at this time is 2.33 Million, which marks its fourth-lowest level in four years. Between November 2021 and now, approximately $2 trillion has been lost to global market capitalization.
Bitcoin’s price has fallen by 60% over the last year, and just 1% within the past one day. Its price is now at approximately $19500. There’s still a need to watch the market for a possible reversal.
Even though there are very few chances, experts believe the market may see a bullish trend in the near future. All it takes to change Bitcoin’s trading range bottom end is a single piece of news about digital currency regulation.
The crypto market is still anticipating the October 13 release of the U.S. inflation date.
Pixabay's Featured image, Charts from TradingView