Of course, the market sold off because Jerome Powell was really aggressive. The last bear market was just like this bear market because leverage had to be wiped out. Just like there are reasons why Bitcoin fell, there are also reasons why Bitcoin rallied from $16,000 to $30,000. The number one reason is that people are anticipating that the Federal Reserve will slow down interest rates. Another reason is that the wipe-out leverage traders are very bullish for crypto and many people around the world are starting to adopt cryptocurrency has banks fail, crypto starts to shine. Right now, people are sure that the Federal Reserve stop raising interest rates or are close to finishing based on some factors. The number of adoption continues to grow every year, those numbers are starting to reflect on crypto. We are seeing a serious move from Hong Kong, and EAU to set up a regulatory framework to attract cryptocurrency while the United States is antagonistic to it.
There is no shortage of Asian money moving in right now, some edge funds in the US are starting to participate in the future money. Bitcoin price range is now support and now turned into resistance, lets just hope that Bitcoin can move above the $31,000 range and end up turning it into support. We will eventually happen, it is just a matter of time. Be ready for what is going to happen because the Bitcoin trend has changed from bearish to bullish. Of course, we will be seeing a little bit of correction in the market.
Speaking of Ethereum staking withdrawal, it is in two ways which are partial withdraw and full withdraw is in two ways which are partial withdrawal and full withdrawal. The partial withdrawal in the Shanghai upgrade is anything above the 32 ETH that people have staked that they withdraw and sell. While the full withdrawal is selling all the 32 ETH you have staked but the partial withdrawal is not the concern here, the concern is the full withdrawal is the real deal. The full withdrawal is a bigger concern because people will be able to withdraw their full 32 ETH at the same time. Right now, only those that have above 32 ETH will be able to withdraw their excess ETH.