Bitcoin and cryptocurrency in general have had a rough week. The market has received a series of blows, and investors had been reacting non-affirmative.
As Bitcoin fell below $30K The Fear & Greed Index returned to a state of high fear. The Index sat at 10 i.e extreme fear. This meant that investors were scared to put their money in the market. and redder charts were expected.
The only upside to the major dip was that it was a good time to enter the market and raise your holdings at lesser prices, or as it is popularly stated “Buy the Dip”.
The bitcoin price had plunged hard as weak hands were selling tokens to make a safe exit. This was a good sign for proponents to take an entry and buy more.
BTC Price Just Soared Above $30K
Massive drops in the market have frequently been followed by strong recoveries. People buy assets that are down significantly with the intention of profiting when the market recovers, and that’s what happened today.
The token is on its road to recovery as it rose by 11.44% in the last 24 hrs. BTC which fell below $30K has recovered quickly and is now trading at $33,968.58. Will the price consolidate in this level for a while or surge higher breaching key resistance levels is to be looked out for.
The fundamentals are still strong for Bitcoin, hinting that the prices will soar even higher. Institutional investors are still holding on to their bitcoins, MicroStrategy has purchased another $500 million in bitcoins to add to its holdings. Also, by working with Galaxy Capital, Goldman Sachs has increased its bitcoin trading activities.