Bitcoin has taken a plunge to the $6,250 level and keep on moving downwards. Triggered by Bitcoin ETF rejection and delay, approval will drive the prices upwards similarly but with more force. But it is time we give it a rest and focus on other aspects integral to the bitcoin and crypto market and see what’s next for Bitcoin.
Give Bitcoin ETF a rest
Bitcoin is currently down by over 68 percent since its all-time high in December at approximately $20,000. Starting the day at $6,280, it even dropped down to $6,150 level at one point. The bears seem to be in the focus as of right now, as the prices keep on sliding continuously.
Though Bitcoin is slightly up at $6,250 from today’s lowest, it is down 2 to 3 percent. From yesterday’s about 9 percent loss, it is a bit of reprieve.
With the way Bitcoin ETF rejection and delay has affected the prices when it finally gets approved, Bitcoin is expected to take off. But for now, it is time that Bitcoin ETF is given a rest as SEC tries to get all their questions answered. It is actually a blessing in disguise as SEC officials are making the efforts in exploring and understanding Bitcoin and by extension the crypto market.
Where is Bitcoin [BTC] going from here?
When it comes to Bitcoin prices, it is pretty hard for bitcoin to keep a hold on $6,000. However, if the sellers of altcoins decide to move into bitcoin, we might see an upward swing in its price. Moreover, fiat can be seen as a counter investment opportunity with the fall bitcoin is currently experiencing.
However, the economic scenario can take a turn as well with the way the countries are grappling in trade war and a stock market collapse coming on, it could shift the interest towards bitcoin and crypto market. Also, crypto adoption will further drive the market forward. But all this is possible in more of the mid and long term.
So, where is Bitcoin going from here? The next step for bitcoin seems likely to be the bottom for now. On June 29, it dropped to the $5,900 level. Having taken out $6,150 once, it won’t be surprising if Bitcoin reaches this mark again.
From there, it will be testing $5,600 support line which will be a critical level to determine if Bitcoin will hit a new bottom or bounce back like in June.
Apart from Bitcoin, top cryptocurrencies are also experiencing great losses, so much so that many of these have lost close to 90 percent of their value from their respective ATHs.
The crypto market is currently dominated by the people who are looking for a good price movement while another part wants to see adoption in the market and hodl for the long term. This struggle is pulling the market that is expected to prevail for now.
The speculative nature of the market is making it difficult for investors to handle the current state of the market.