Bitcoin has always been the center node of the crypto market, and all the strings of the market seem to attach to it. Despite all the ups and downs it has had in the past, Bitcoin did turn out to be alright, and a part of that has to do with the stability it did create for itself and the long overhaul of the trading and mining that has been going around since the first token launched. Today the price of Bitcoin is about $62k, and various people, including a fund manager, have claimed that it will go down a little and then go soaring up like a bird that is taking the flight to the northern sky.
It was possibly the wait for such news to drop, and the Bitcoin enthusiasts have come rushing to the crypto trading platforms to buy more and more of it. There is even news from the Glassnode chart that the long-term Bitcoin accumulators are coming forth not to sell Bitcoin and earn a decent profit on their investment but to accumulate more and more of it. This has not happened since the time it was traded at $12k. The data is not only limited to the long-term buyers and accumulators of Bitcoin as miners are also a likable party here and even those are not selling and share a long history of accumulating Bitcoin since it was being traded at $15-17k in the past.
It could mean a bunch of things, and the most obvious one being that the bullish run has not left Bitcoin for some time now, and if we could see that not for the entirety of the year 2021 till now, then it won’t be false to say so. Now, it could mean that Bitcoin is in it for a long haul, and its price is likely going to increase over the years as well, but such intense interest in Bitcoin right now means that the price-performance jackpot might be near than ever and it might happen very soon hence the rush to buy more Bitcoin. Other than that, it directly points towards the stability the crypto market is going to have and how it will continue to get stronger and lose some of its volatility in the process, which must be the first one.
Cynics are Comparing the Flagship Cryptocurrency with MySpace as Bitcoin once again Corrected to $55K
Bitcoin has once again corrected from a $59K stable position to the problematic resistance level of $55K. The price could be