There May Still be Hope For Bitcoin Despite The Continuous Losing Streak
The bearish market is what we have all been talking about and hoping that before the weekend ends we will get a bull market however we are still at the bearish phase because Bitcoin is very much struggling to climb past the $30k mark. Investors are crying and say it’s all thanks to LUNA Bitcoin is experiencing a bearish market and not just Bitcoin but other coins too.
The bulls’ investors still believe it will bounce back from the long wick that drowned Bitcoin to $26k however, but they will have to settle for the $30k for now because they haven’t experienced when a Bitcoin will be on a bearish phase for seven weeks straight because it has never happened before.
There’s also a proposed reason why Bitcoin is facing its current weakness and that’s because of the US Dollar Currency Index (DXY). They both work in an opposite manner but however, but the DXY has been on a relentless march up making the Bitcoin an uphill battle. The DXY as it is supposed to be the opposite of Bitcoin has also broken past previous resistance gradually approaching its multi-year highs.
Is This The Way Out?
Remember I said that the Bulls investors have considered the $30k as a considerable range to settle for, well some whales have started buying into it, topping their holdings and this may lead to Bitcoin quickly bouncing off its bearish stage in the coming days. Whales buying into Bitcoin when it’s experiencing a low result have been a pattern for it to bounce back up.
Investors are also hoping that it won’t complete an eight-week bearish phase because of the positive news that has been received that the LFG has gotten rid of all its Bitcoin holdings, which means the systemic risk for Bitcoin has been removed. So does that mean that there’s hope for a quick bounce back for Bitcoin?
Posted Using LeoFinance Beta