Bitcoin Bottomed? BTC Price Bounces Off of Fresh Lows from ATH
Doing a repeat of last week, the price of Bitcoin dropped even lower, just under $47,000.
Ever since hitting a new all-time high at just about $65,000, BTC price has been on a downtrend.
Last week, we went to about $50k, and the following week the chopping intensified with the price keeping between $51k and $58k.
Towards the end of last week, the price went down under $50k, and before the start of a new week again, we hit a new low from the ATH, representing a 27.7% pullback. But soon enough, the price went back above $53k, which could be seen as the market has bottomed.
BTC bottomed at 46.9K on Coinbase, 47K on Binance, said trader and economist Alex Kruger, adding, the 50% was at 46.85K, “based on fib and the volume profile (confluence),”
As of writing, BTC/USD is hovering around $53,500.
According to Alex Kruger, resistance is now expected around 53K-54K, adding, “Plan unchanged: dump on bearish apes when they turn bullish.”
The concept of bullish selling is simple: coins transferring from weaker to stronger hands, and also value shifting to better and better coins.
I'll let you know when there's bearish selling but I haven't seen it yet this year.
— Zhu Su (@zhusu) April 26, 2021
After Coinbase listing turned out to be a ‘sell the news event, Bitcoin price fell below the 100-day moving averages for the first time since early October. This, as we reported, yet again had JPMorgan expressing concern at upward momentum being at risk.
Meanwhile, for the first time, the bank is reportedly offering an actively managed bitcoin fund to its private wealth clients with NYDIG as the custody provider. A big shift for the $3 trillion bank whose CEO Jamie Dimon called Bitcoin a fraud in 2017.
“If you’re stupid enough to buy it, you’ll pay the price for it one day,” he had said at the time, a tone which then turned to bitcoin is “not my cup of tea” last year.
The latest crash in the prices led to the call of Bitcoin entering a bear market from the mainstream, only for them to note that both BTC and Ether have bounced and are now on their way to fresh ATHs as “investors took advantage of the lowest levels in 7 weeks to pile back in on bets US tapering remains distant.”
“The world is moving from centralized to decentralized; if you believe in that theme, it means the drop is a great buying opportunity,” said Michael Sikorsky, CEO of Copia Wealth Studios, in a note Friday. “Volatility has always created opportunity, and people keep being surprised by the new highs month over month and year over year.”