Thursday’s dawn appears to be terrible for the global investors as the wholesome crypto market along with the Stock market and Gold prices have seen a sharp drop. Especially, the crypto crash has been trending all over the internet where traders are panic selling owing to the rise in FUDs. Yet the market leader Bitcoin seems to be at its final phase of correction post which a massive rally is anticipated.
Asian Bitcoiners Are Slowly Getting Back To Action!
The Bitcoin price has been rocky over the past couple of months as there was raise in bringing strong regulation against crypto in Asian nations. However, the most dominant asset has seen substantial sell-offs during Asian intraday trading hours. As the asset is on the verge to correct the crucial bottom of $38k, Asian Bitcoiners are back in action with depleted sell-offs.
A crypto metric platform Glassnode has observed that Asian traders are speeding up to accumulate Bitcoin. Successively, institutional investors are busy buying the dip. In each cycle, there will be a rotation of capital investments from retailers to institutional investors and vice versa. As per the reports, currently, retailers are in heavy loss and institutional investors are taking the profits and using the current opportunity to buy.
Despite all the odds the flagship asset would run out of the blues as the asset is still above the crucial Fibonacci levels. On-chain analyst Tech Dev is still confident of the Bitcoin bull market if it holds the 2.618 fib levels strong. Like in the first two Bitcoin halving cycles, the flagship asset hit a linear 4.236 fib extension before finding the support near 2.618 fibs. Currently, the flagship asset is still trying to find support near 2.618 fibs, bull market remains intact.
Collectively, if the asset meets the above conditions, then Bitcoin would soon commence with the bull market. Whilst the Asian traders are back to action, and institutional investors are occupied in buying the dip things appear to be gradually bullish for the asset.