Hello dear friends and followers, back with you all to share some impressions on the Bitcoin price action fluctuations and FOMO that has been generated in the last few days specifically since BTC lost the $24,000 support.
While fluctuations or deviations in the price action of any digital asset is normal, this is normal if we take into account that price action is the result of market forces, as it reveals the correlation and behavior between supply and demand for various reasons, among which we can mention the economic, political and social scope.
Therefore, the fluctuations of the Bitcoin price action cannot be seen as something extraordinary, since for the market to maintain its economic and financial health, it must present correlations between supply and demand, i.e. it must respond to the set of events, and the constant changes in prices or economic ratios between buyers and sellers.
Now, for experts Bitcoin price action fluctuations are a normal thing, more however, they recognize that the FOMO that exists, is because people thought that BTC before pulling back would first break the $25,000 resistance.
Certainly among investors there had been a kind of euphoria generated after the price action had reached $24,900, which led people to keep forecasting further major bullish bounces, from my perspective the pullback below $24,000 is a normal fluctuation, as it allows new investors to enter the game, an element that from my point of view gives strength to the market.
It would seem that there is only one dimension to Bitcoin and that the price action will always go up, and that it cannot coexist with downward fluctuations or at least that's what people who get into FOMO make it look like every time the price corrects. I would like to know your own perspective on the current Bitcoin price action movement.
Cointelegraph. Bitcoin price sees firm rejection at $24.5K as traders doubt strength. Link