After Flipping to July 2021 Low, Bitcoin is Finding Support at US$29.5k

Bitcoin
Bitcoin

It seems like Bitcoin is finally getting back its foothold in the crypto market

By now it is quite clear that the crypto market is in huge turmoil. Its liquidity has dried up due to several global economic factors, leading to a significant fall in crypto trading activities, which eventually declined all their market values. For quite a long time, Bitcoin was trading around US$29,000 and it kind of seemed like the price had stabilized at that resistance. But crypto analysts and investors were still quite unsure about its future prospects as several Bitcoin price prediction reports suggested that the crypto might fall further below with Terra’s continued suffering. The Bitcoin price was struggling to keep its foothold at US$29,000 making investors truly believe that the BTC price might stoop down below US$10,000. But even after the volatile condition of the crypto, BTC continues to enjoy the confidence of high-end luxury brands, and probably its continued adoption is making investors a bit more confident about their investments. Earlier, Bitcoin was struggling to even advance its value beyond the US$30,000 resistance, but finally, as of March 31, 2022, at the time of writing this article, the BTC price has broken the US$31,000 mark, also hiking the value of other major cryptocurrencies like Ethereum.

According to reports, Bitcoin has risen more than 7% breaking the US$31,000 mark, driven by global investors as Asian and European equity markets rose. Bitcoin has broken the US$30,000, stabilizing at the US$29,000 mark. But currently, BTC is trading at around US$31,000. It is now quite clear that the crypto market has been exceptionally following the stock market, which combined with the mainstream adoption of Bitcoin and several other digital assets has caused a pattern that makes major cryptocurrencies such as Bitcoin and Ethereum follow the stock market.

Will Bitcoin be able to cross its own ATH?

Even though Bitcoin has gained its stability around the US$29,000 resistance and has finally advanced its value towards the US$31,000 mark, it still seems like the crypto might take a while to even reach the US$60,000 mark. Bitcoin dipped to its lowest value in July 2021 which led to the overall decline of the entire crypto market. Crypto investors are currently in a universe of torment as their hard-earned money is being lost in the crypto market volatility.

Bitcoin has lost more than 60% of its value since its all-time highs at around US$68,000 in November 2021. But major crypto exchanges have continued to allow investors to trade even after critics signaled that BTC users demonstrate skepticism towards its future prospects. Despite its devastating performance in the market, institutional investors and luxury brands continue to adopt BTC at an exponential level.

Bottom Line

It seems like the rally in cryptocurrencies is about to begin. As the Asian and European equity markets rise, so will the cryptocurrencies. Bitcoin will soon gain prominence if it is able to reinstate its position above US$32,000. In a nutshell, finally, it seems like Bitcoin is finally getting back its foothold again in the crypto market.

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