Bitcoin may be slowing down right now, but that will likely not be for long because of how bullish the coin has been recently.
Bitcoin price dropped on Friday, slowing down after hitting a record high earlier in the week. The world’s leading cryptocurrency was trading at $109,898 by 08:03 GMT, down 0.6%.
Bitcoin had climbed to a peak of $111,970 on Thursday, setting a precedent for a higher support level. Instead of retreating below $100K after the coin passed that mark recently, Bitcoin climbed even higher. That tells us that the coin is uncommonly strong at the moment and could move even higher.
There is some downward pressure being created by U.S deficit concerns over the new budget bill that is moving to the Senate for approval. But that may not be enough to stifle Bitcoin’s bullish trend.
Where Is Bitcoin Headed Next?
We expect that today’s retreat is only a temporary hiccup in an otherwise impressive bull run. Bitcoin has been climbing fairly steadily for the past few days, performing better than the stock market indices overall and buoyed by the performance of other cryptos as well.
Over the past week, Bitcoin has gained 6%, and market sentiment on the coin is mostly bullish. Investors are expecting the coin to rise, for the most part, which means that there is little risk that many of them will abandon the coin and try to cash out.
Many Bitcoin whales have quite a bit riding on the coin’s success, so they are likely to hold onto their investments rather than sell at this juncture. Because Bitcoin’s recent success has been prompted by actual positive change in the framework of crypto regulation, this upward trend is not as susceptible to sudden reversal as it might have been otherwise.
Recently, the U.S. Treasury announced that it would be putting forth a new regulatory framework for stablecoins, making them easier to buy and sell. The stablecoin market is expected to expand exponentially as a result of this decision, helping the entire crypto market as a result.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
