Bitcoin has experienced a pull backduring the past couple of days after its recent bullish mood that witnessed it hit another new ATH of just under $112,000 on the 22nd May. Since then Bitcoin has been in a very buoyant mood hovering around the $107-$110k position until now. Take a look at where we are right now in the chart below.
As you can see very clearly from the graph the picture is a downward movement. Unfortunately Bitcoin is down 4% on the weekly close. Profit grabbing is probably the most likely culprit for the drop in price.
So what does this mean overall and where exactly are we in the cycle? The latest correction has neared $9,000. Even though in the past few hours Bitcoin has made a small recovery, up from $103,500 yesterday, I would imagine a deeper correction whilst not inevitable is likely. Don't be too surprised or disheartened if BTC drops back below $100k.
This shouldn't worry us too much really as the overall context for Bitcoin right now is a positive picture for sure and the bull run sentiment has not evaporated. All the indicators are still looking very solid. I would look at this pullback as a temporary setback and nothing more.
It has been great to see the return of the bull market but we are still going to have to wait longer for Bitcoin to hit that magic $120k threshold if we want to see any chance of an altseason.
Keep those fingers crossed.
Peace!
Btc is ded.
Once the wall street banks were allowed to create derivatives for etf's and futures trading, they control the price.
Absolutely.
The same is happening with hive, except for smaller players.
Until 'cash' settlements aren't allowed there are no free markets.
There is only those with first access to the printed from nothing 'money', and everybody else.
Cantillion effect.
Had heard of the Cantillon theory but never dug into it. Incredible that we have known for 300 years that increasing the money supply doesn't generate prosperity for a country. Someone should tell our politicians and central bank governors, oh on second thoughts don't waste your time they wouldn't want to listen to anything that disrupted their personal financial empowerment strategy, and they definitely wouldn't want to listen to anything that might pause the financial disempowerment of the nation.
Yes, I too have many concerns about institutional involvement of the cryptosphere as you know. Whatever fate awaits Bitcoin, the same will happen for Hive.
Yes, money has been the most corruptible and manipulated store of value, if you can call it that. I do genuinely sometimes wonder if it might be best if we all go back to trading in goods and commodities and just abandon currency altogether.