Bitcoin price is observing ups and downs since it hits ath of $73740 recently. The swings in its price is continue following a lot of news coming in favour and against the crypto. Bitcoin is having a downward pressure at $67k which is throwing it down every time is rebounds to that level.
Bitcoin price declined down to 62800 earlier today from the top of $67k. Right now it is trading at $63400 and is struggling to cross $64k. The resistance looks strong here as a lot of sell walls build up each time it breaks one.
Bitcoin is getting declined at 67k again and again which could mean that it has a strong sell pressure which could be due to a number of reasons. The first reason of high sell pressure can be due to whale trap. Whales sometimes do it on purpose to get cheap coins.
Another reason of this sell pressure could be due to the users who bought bitcoin early and now selling it for profit which is fair as they can do whatever they want with their funds. Its the beauty of the cryptocurrency that you holds authority of your funds.
Selling their bags for profit is good but considering Bitcoin halving is very near probably less than a month, keeping this in mind i do not think it fine personally to sell Bitcoin at these prices.
You will sell only if you are not researched well about Bitcoin. Bitcoin halving will cut the block rewards and getting bitcoin will become more difficult for miners which will send Bitcoin higher and higher. Halving occurs every four years and is known as a significant even and a catalyst to push Bitcoin price higher.
Bitcoin halving will not only push up Bitcoin price but also will send prices higher for rest of the markets. We already know that when bitcoin price goes up every altcoin pumps higher printing a good candle.
On the other hand, there are a few people who continuously struggling to label bitcoin as Scam and other crypto such as Ethereum. We have seen Bitcoin hate often but as a kover of decentralization we dont care what these people say. We Believe Bitcoin because it is born to make finance decentralized.
After failing lawsuit against ripple, SEC is now attempting to declare ethereum as security. This will alos give defeat to SEC if he continue his intentions to make crypto degrade. SEC doesn't wants to see finance system as decentralized and thats why they are against crypto.
This is not the first time that crypto has been attacked, we have seen various attempts to degrade crypto from different people and departments which all go useless because crypto is the true future of finance and no one can stop the growth. Crypto adoption is happening fast despite of the hurdles people are putting in the way. The time is near when people will say good bye to paper money and will fully move to crypto.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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