Bullish Crypto Momentum Will Stick Despite Brutal 11% Bitcoin Dump
Joseph Young's original article for www.ccn.com reduced by 49%
On February 24, within minutes, the Bitcoin price dumped by 11 percent from $4,150 to the mid-$3,000 region, pushing the crypto market to lose $11 billion on a single day. Speaking to CCN, a cryptocurrency technical analyst with an online alias "The Crypto Monk" explained that the abrupt price movement was simply a technical movement. When BTC climbed up to $4,150, the supply area over the $4,000 mark absorbed most of the buy orders in the market, disallowing the asset from sustaining its momentum.
Spencer Bogart, a partner at Blockchain Capital for instance, told Bloomberg that Bitcoin may be the most compelling asset in the global market in the current phase of its development. Market sentiment and media coverage, which historically have served as important catalysts in reversing long-lasting bear markets, have noticeably improved since early 2019.Swiss Crypto Market Secures Banking Access: Massive Growth Ahead? https://t. For investors, especially those in the traditional financial sector, movements like the commitment of GIC's investment in a cryptocurrency company and the entrance of public pension funds into the crypto market could signal that the asset class is not a fad.What Does the Short-Term Outlook on Crypto Markets Look Like? The Crypto Monk also emphasized that BTC is likely to remain stable in the near-term as the market awaits any substantial movement.
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