Hello dear friends, let this opportunity serve to share content related to the corrective movement that presented the price action in the cryptocurrency market, taking as a reference the pullback to the $29,000 area where the main cryptocurrency BTC by market capitalization is.
Yesterday I had a conversation with some friends and one of the things we were discussing was precisely what would be the next move that the Bitcoin would make, although there is an optimistic feeling in the market and most posit that it was predictable that the price will continue to rise, my position was against that statement.
I should clarify, when I say that my stance disagreed with seeing the BTC continue upwards, it is because as I have been disserting from my perspective the market is in a sideways zone and we are precisely in the upper zone, so, it was predictable to see the price pull back before continuing upwards.
In this sense, and according to information socialized in the portal "Cronista" we had a quiet weekend in the price action of the entire cryptocurrency market, volatility was again injected into the market and left mixed quotes for digital assets.
That quiet scenario, took a turn at the beginning of this new week this if we consider that the Bitcoin suffered a correction that took it away from the $30,000 mark, however, this movement was to be expected and traders remain positive in line with macroeconomic data showing a favorable trend.
It is worth noting, that according to the "Fear & Greed Index", which measures general behavior in crypto exchanges and investor sentiments, greed is currently abounding in the crypto ecosystem; this means that despite fluctuations in prices, there is a hunger for risk and trading.
From my appreciation, I think the odds that the market will continue to correct are very high, we may even enter a downward streak before retaking the $30,000 area. I would like to know your point of view on what has been discussed here.
SOURCES CONSULTED
Cronista Hard blow for Bitcoin and crypto: prices fell, but there's some reassurance for investors. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Cronista
