Eighth Straight Week of Losses for Bitcoin but Indicators are Pointing an Upward Trend

Bitcoin Cryptocurrency News

In recent months, Bitcoin (BTC) has come under a lot of fire and pressure in a number of cases. However, the most notable ones are the ones related to regulatory compliance, global inflation hikes, and an increased rate of interest in the US.

To make things worse, Bitcoin also managed to get itself on the stock markets in the form of several ETFs. These ETFs started getting inducted into the stock exchange markets starting in 2021.

As a result of being added to the stock exchange markets, Bitcoin is also cursed when other technology-based stocks are cursed during a downstream trend. As per the investors and analysts, Bitcoin has also become a technology stock that is currently a high risk to invest in.

Recent Performance of Bitcoin

It’s been the eighth consecutive week for Bitcoin that it has been weighed down by the strong pressure coming its way. The major drivers behind the concerns are the deficiency of catalysts for the immediate uplifting of Bitcoin. Then come the cryptocurrency industry’s systemic risk, inflation concerns, and issues related to weak sentiments surrounding macroeconomics.

It was on Sunday when the trading price of Bitcoin exhibited $30,272. Prior to the rise, Bitcoin’s price had witnessed a low trading value of $28,700. It was in the month of March when the price of Bitcoin hovered between the range of $41k to $46k. From there, Bitcoin’s price has continued getting sliced. Compared to the all-time high of $69k, Bitcoin has experienced an almost 60% dip in its price until now.

Near Future Analysis of Bitcoin

Even now, the trend for Bitcoin seems to be bearish and all major data analytical firms based on blockchains are suggesting the same.

It is being suggested that in the upcoming days, Bitcoin may witness a dip. However, it may be a good sign for Bitcoin, especially, the Bitcoin buyers. When Bitcoin hits the bottom, that’ll act as the perfect opportunity for the buyers to acquire Bitcoin in abundance.

The sudden appreciation in Bitcoin would help Bitcoin rebound at a substantial rate. This would cause the trading price of Bitcoin to rise up and be able to break through the overhead resistance marks.

According to analysts, Bitcoin seems to be exhibiting the same trend as it did back in 2020 when it fell below $4,000.

From that point, Bitcoin recovered and the trend continued until it hit its all-time high by the end of 2020. In the past few months, the recession factor has been gaining more strength, thus, dragging down Bitcoin.

Despite the current bearish trend, it is expected that Bitcoin may soon break through the $30k barrier for good. From there, Bitcoin may cross the $35k price, and then go on to cross the $40k. The major investment firms and banks in the United States have already started taking steps to deal with the high-interest rates. The government is also involved with them and this would have a positive impact on the overall situation of Bitcoin and altcoins.

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