BTC has seen a 24.5% correction from the may 10th highs and a 30.6% decline from the last ATH on april 19th 2021. If we take in account that last bullrun had 40% corrections happen before going for new ATH's. BTC is now valued closely at the 50.000$ mark and is showing strong support after we had a big selloff into 45.000$ what acted as a strong support area. If we do not hold this 50K level BTC could fall further to 42K testing the market structure and high of Januari 2021. A break true the 58.000$ mark would signal a retest or break of ATH's.
This week has shown loads of FUD coming from Elon musk with him announcing that they will stopping to offer Tesla buyers the option to purchase cars with Bitcoin, saying that it was not as ecological friendly as he first anticipated.
Shortly after there was news about Binance being investigated by the IRS and the DoJ. This article actually talks about how Binance is working together with them to stop illicit buying of cryptocurrencies, witch isn't a bad thing.
These headlines came on a convenient timing for big players to benefit from the market reactions while btc was losing momentum on the daily chart.
I am buying this dip around 50K and have fiat ready for possibly even deeper dives lower if the bearish momentum would continue.
Like I said earlier, corrections of 40% have happened earlier in past bullruns, and that could send us with a ATH just shy of 65K, to the 39K mark.
I am buying every dip like the one we saw to 45K and I will be ready to buy more if we go lower, however as long as this psychological level of 50.000$ is not broken with a daily close I am not anticipating any prices below 45K, but we got to keep in mind why we bought Bitcoin in the first place, and not care about the short term fluctuations in price.
This week has shown loads of FUD coming from Elon musk with him announcing that they will stopping to offer Tesla buyers the option to purchase cars with Bitcoin, saying that it was not as ecological friendly as he first anticipated.
Shortly after there was news about Binance being investigated by the IRS and the DoJ. This article actually talks about how Binance is working together with them to stop illicit buying of cryptocurrencies, witch isn't a bad thing.
These headlines came on a convenient timing for big players to benefit from the market reactions while btc was losing momentum on the daily chart.
I am buying this dip around 50K and have fiat ready for possibly even deeper dives lower if the bearish momentum would continue.
Like I said earlier, corrections of 40% have happened earlier in past bullruns, and that could send us with a ATH just shy of 65K, to the 39K mark.
I am buying every dip like the one we saw to 45K and I will be ready to buy more if we go lower, however as long as this psychological level of 50.000$ is not broken with a daily close I am not anticipating any prices below 45K, but we got to keep in mind why we bought Bitcoin in the first place, and not care about the short term fluctuations in price.
Comment:
BTC has hit the 39K mark and should bounce here. If so then 50K will be met shortly.
Comment:
BTC did a way bigger spike than anticipated. China banning news has put the floodgates open. Perfect times to buy at these low prices