Hello Readers,
I hope you are having an amazing day with your loved ones. In this post I will talk about Bitcoin and if it will reach the $50k Resistance following this Downtrend. As we can clearly see, The crypto market is in a tough spot right now, and if you were keeping an eye on Bitcoin price movement, you might be wondering the same question yourself if Bitcoin can reach down to its imaginary resistance point $50,000 resistance level, while currently, it is trading in the market for around 62k$. Will it rise again in the long term if the question above comes true? So, Let us talk about and try to explore this very question while keeping it easy to understand for anyone reading this blog. So without any further ado, let us jump right in!
The Current Crypto Landscape
Cryptocurrency markets are always known for their volatility and right now, it seems the altcoins are particularly feeling the heat if compared with bitcoin price. A significant factor for this downturn is happening in South Korea, where major exchanges are experiencing massive sell pressure on altcoins, which obviously creating this whole Downtrend situation. But well, if you are a seasoned person in this crypto realm, This kind of situation is not new to you, as similar events have happened in other countries in other times in the past or when Govt. is trying to ban or put heavy taxes on crypto, but each time, people have eventually returned to crypto as seen in long term scenario. This unconditional love and resilience over the past decades of long time-frame suggests that cryptocurrencies, including Bitcoin and altcoins overall, won't be shattered away or forgotten completely by these timely challenges.
Bitcoin's Stability
Among all these Chaos and despite the expected high volatility in the crypto market, Bitcoin's price has remained relatively stable. We can see from the charts that even when the value of Bitcoin dips, it does not fall drastically like altcoins or meme coins. This continuous stability shows that people have a solid understanding of Bitcoin's true potential and trust in its long-term value and do not sell away during the dip. This deep trust is why many see any dip in Bitcoin's price as a buying opportunity. When Bitcoin's price drops, the crypto market acts like a popular investment product going on temporary sale and thus, a golden chance to buy something valuable at a lower price.
The Growing Interest in Bitcoin
Today, the opinion on Bitcoin is getting much more positive than what it used to be even 10 years back. Many countries are allowing trading or investing in bitcoin and also providing required assistance. Many people are also looking to invest in Bitcoin as the crowd has started treating it as a reliable asset. Just like many CEXs and DEXs, leodex.io also supports trading of bitcoin which you can easily access through and also use hive chain coins for trade. Anyways, we also have experienced that unlike altcoins, which can be severely impacted by market crashes, Bitcoin always showed strong resistance as it knows to hold its ground better than any other altcoin. This resilience creates trust and encourages more people to connect with the crypto world and invest, believing that Bitcoin will earn them significant returns in the future.
The Role of Regulations
Regulations in the crypto space might seem like something that we do not need, but I think they can be beneficial. They help maintain control in the space and ensure that the market moves in the right direction with time. we can easily relate this incident with the traffic light system, where they may slow you down momentarily, but they also protect you by preventing chaos and accidents and ultimately making the journey safe and smoother.
You can Buy Bitcoin Using LEODEX.IO
In rare cases the Bitcoin market suddenly goes down, it can create a huge demand as people on a global scale would then see it as an opportunity to buy at a lower price. I bought bitcoin in the past but did not Hold it for the long term, so in the future, my strategy will include buying Bitcoin at least even if in fragments, whenever bitcoin goes in these downturns, and then I would be holding onto them for really long term.
It is important to avoid losing money on multiple transfers, so I would just save a decent chunk on the Hive chain first and then use all of them At once to make the purchase, I would definitely use the leodex.io website which is a product of Inleo team, so it well trusted and used well, especially by a large no of Hive chain users. I hope you liked reading my post and please remember that investing in Bitcoin, or any cryptocurrency carries big risks, so be very careful if planning to invest in the crypto sector and prepare and invest with a positive mindset. Nothing in this post is financial advice and please DYOR before investing.
Thanks for reading and I will see you all in my next post, until them..
Posted Using InLeo Alpha