Bitcoin Is Holding up Strong, But Is It Too Early To Call It The Bottom?

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No doubt that by now, we can all agree that the world's economy is being hit by inflation as prices of goods are spiking up while markets are crashing. But somehow, the internet has made it look like the crypto market alone is only being affected. In fact, Over the past 48hours now, after BTC dropped from 36k to 30k, I have seen more negative news surrounding the crypto market than that of the stock market. Meanwhile, stocks aren't escaping the market crash.

One of the top Bitcoin haters (Peter Schiff) has automatically turned into a Bitcoin analyst overnight. He kept advising his followers who hold Bitcoin to sell before it goes to $0. As if that wasn't enough. He went ahead to tweet about how 3 crypto-related stocks got killed as shown in his tweet below.

For a moment, I thought he referred to our $hive ecosystem.

https://twitter.com/PeterSchiff/status/1523686694418927618

Bitcoin's 30k holding up tight

At the starting of my last post, I predicted and hoped that Bitcoin doesn't fall way bellow $30k. This seems to have been playing out well for almost 24hrs now.

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We are currently trading slightly above $30k and I think the bulls have stepped in to protect that range after losing and flipping the $33k support to resistance yesterday.

24h Vol

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Today is the first time this year that Bitcoin is experiencing a higher buying volume than the one it got on the 24th of February 2022 as shown from the screenshot above. However, the volume seems to be dying down if the chart is zoomed into the 4hrs time frame. Let's hope to see things turn around before the day closes.

How are Alts performing?

When Bitcoin drops, what do you think happens to the rest coins? They drop too. This has been the ritual in the crypto space from day one. In fact, here's my strategy; Before I think of purchasing any alt, I usually check out the next possible moves for BTC.

Yesterday's plunge wasn't exceptional as alts bled too. However, Eth/Btc pair have been outperforming Bitcoin. Check this out;

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Ether is gaining in volume, its rsi is heading to the top, and its price chart is looking great. Looking at the market, we'll agree the crypto money has been flowing into eth for some reasons.

Take a look at Bitcoin's Dominance chart. It's dumping.


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If you have some cash to buy bitcoin now, it's better you do so as it's better than buying above the current price. After all, its price is more than 50% down from its ATH. The president of El Salvador (Nayib Bukele) tweeted that his country bought 500 Bitcoins.
https://twitter.com/nayibbukele/status/1523742670044413954

What do you think about the market?

Posted Using LeoFinance Beta



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