Bitcoin
Bitcoin resists the bear market! Crypto Explodes to $69,485!
10:00 am ▪ 3 min reading ▪ by Eddy S.
In a constantly evolving crypto ecosystem, Bitcoin has recently demonstrated remarkable resilience to bearish market pressures. According to the latest data, the price of Bitcoin increased by 0.29% in 24 hours! Setting at US$69,485.93 with low volatility.
Bitcoin’s tenacity against bearish market pressure!
Despite bear market actions, Bitcoin shows unparalleled resilience. BTC surpassed the $69,485 mark in 24 hours, thus demonstrating its potential for resilience against crypto market pressures. As of now, Bitcoin appears poised for a significant rise.
Several analysts predict that the first major resistance point could be a move towards $70,000. When Bitcoin first surpassed the $70,000 mark, the crypto reached an all-time high of $73,750.07. Currently, Bitcoin is about 5.8% below this record high, and many predictions suggest that BTC will surpass this level soon. Once this milestone is passed, there may not be much resistance that prevents a historic price increase!
According to industry expert Anthony Scaramucci, Bitcoin could rise as high as $700,000 in the long term. Different analyst predictions set the crypto price at $100,000 by the end of this year!
A resistance supported by ETFs!
Experts attribute BTC’s success to spot Bitcoin ETF products, which acquire more BTC from exchanges than expected, making their metrics stronger than ever. With a series of 19 consecutive days of net inflows registered to the current position, supported by the supply shortage of the last semester, the Bitcoin spot ETF has created a favorable environment for a price recovery soon.
In conclusion, Bitcoin demonstrates impressive robustness against market uncertainties. Its ability to maintain an upward trajectory despite downward pressure reinforces its position as a leader and suggests a promising future for the first cryptocurrency.
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Eddy S.
The world has evolved and adaptation is the best weapon to survive in this universe. Crypto community manager at the base, I’m interested in everything you touch on the front or back of the blockchain and its derivatives. In the option to share my experience and make you aware of a domain that I am passionate about, it is good for you to read informative and contract articles as you go.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.