As last Sunday, after Bitcoin got to a low price of $43, 500, it has staged a comeback as at Wednesday to $ 52, 000 and there were wide jubilation, that bitcoin will now have the chance of being all time high, which has been one of its features, especially, with the corrections being over.
However, this current weekend, the price of Bitcoin is again struggling to be above $50,000 and which has been termed as a psychologically important milestone.
As regards to bitocin a decrease that is lesser than $46, 000, will open a floodgate of downward trend and which is a serious danger to the bull run that have been constant for almost a year. Some traders are of the belief, that Bitcoin could reach to $38,000 and $45, 000, which is regarded as the bottom and an instance of these traders is Pseudonymous Trader, Rekt Capital.
Also, there have been wide speculations among traders that there Bitcoin may be trading the both side as aforementioned in the interim. Also, the macroeconomic picture which does not look encouraging and which has taken n over by increasing the bond yields in the technology stock, is making a mess of the whole thing.
Notably, in all of these, there is a metric shrugs which puts away the gloom, indicating that everything is oaky.
However, a glimmer of hope has been given by Glassnode’s reserve risk, which indicates that Bitcoin’s rally is still at the incipient stage and even after a pullback of this year.