If you closely monitor Bitcoin’s activity in the crypto market, then you know that consistency of holding onto a dedicated price is what’s lacking right now. Bitcoin came flying down after touching an all-time high of $58k in the crypto market to about $47k, but there were some strong rebounds following which it got reinstated above the $50k. But since the day it achieved an all-time high price, the bullish and bearish trends have become regular with Bitcoin.
Bitcoin’s Consistent Trends Depicting Highest Crypto Market Volatility
Following that day, it is consistently taking sharp declines and then rebounding with a pretty good reversal rate that is making investors liquidate billions in the crypto market. Until today it was believed that the reversal rate is pretty decent with Bitcoin, and the phenomenon would stop after such a tenacious round of hide-and-seek but afraid that hasn’t happened. On this very date, 25th February 2021, Bitcoin is once again trading between $45.3K to $51.6K. This adds to the growling tensions emerging among investors whether Bitcoin will stay afloat the $50k or if it will lose a lot of its value in the upcoming days should the current fiasco continues.
The support area for Bitcoin is accounted to be about $46.1K, where it will continue to have the positive support of the investors and financial experts, and it is doing fine staying above this threshold limit. There are no bullish reversal signs that would depict that the asset is nearing the bottom while in a downtrend. Other technical indicators associated with the current trends of Bitcoin show a serious loss in momentum and whether it will be able to pick it up sometime in the future is a little hard to come by.
All these trends depict some bullish reversal indicators, but these are not that adverse, which would confirm the ongoing danger of a market breakout. Given the fact that it hits near to its original all-time high price, which would be around $56K will confirm that the consistent trend despite such vicious downfalls remains bullish, which is the denominator of success and prosperity of Bitcoin in the crypto market.