- Early in the day, the bitcoin market failed at its all-time high, only to reverse course and fall toward the $65,000 mark.
- Having said that, we have also observed purchasers in that region trying to preserve the market. Stated differently, volatility persists.
Bitcoin Finds Buyers Again
After plunging to $65,000, Bitcoin price has since recovered and begun to show signs of life. By doing this, the market gives the impression that its current behavior will continue. We essentially achieved the peak during the early hours of the session, took a step back, and are now back on track. Momentum is going to be the key question at this stage. It most definitely doesn't follow the trend. Do not misunderstand what you are seeing on the chart; it will not be a question of whether or not there is demand for the ETF. The ETF on Wall Street is the source of this demand. That is all there is to it. That raises the question of whether or not it's a sustainable path.
Time will tell. I am aware that our current course is unsustainable. The ETS will eventually cease rushing into the purchase of paper Bitcoin when Wall Street runs out of buyers. Nevertheless, given how quickly Bitcoin is increasing in value, someone will eventually profit handsomely. And it might sell more when they do. Thus, I do believe that a wicked correction is on the horizon. It's not really showing any symptoms yet. Since you can't short this market, if you must be engaged, you should definitely be long only. However, I believe that you will have a better opportunity later on when that is, I'm not sure. To tell the truth, right now we're kind of in new territory.
Thus, it's incredibly challenging to make that decision. However, I am aware of one plainly quantifiable fact: since October, Bitcoin has increased by 160%. If you put that view on it, it's an incredibly expensive asset, but it's also worth noting that very few people are too concerned about it right now. However, mark my words: people will get hurt someday, but at this point, we aren’t there in the market.
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