Bitcoin Fails To Beat $21,000
Even with the momentum of the past two days, bitcoin had met a harsh rejection at the $21,000 level. Bears had quickly mounted resistance at this point and the shorts in the market in anticipation of a downward correction had helped to fuel this resistance.So now, even if the outlook for bitcoin remains very bullish, $21,000 is currently the point to beat, which would be easy pickings in a bull given the recent rally. However, the crypto market has stunted the growth of digital assets, and investors remain very wary despite the market gains.
BTC holding support at $20,500 | Source:What’s Next For BTC?
Jim Messina, ex-US President Obama’s Chief of Staff has been one of the most bullish during this time. Messina on Fox News where he said that he expects the digital asset to actually reclaim the $60,000, saying he would bet his Porsche on it. It follows bullish forecasts from others in the space such as ARK Invest’s Cathie Wood who put the digital asset at a price of $1 million apiece in the next 8 years.
However, it is important to note that bitcoin’s trading volume is on the decline in the last 24 hours, which could suggest a quick burn-off of the recent spark. Such declines in momentum can be detrimental especially in periods of short-term growth as has been recorded. The next possible point for bitcoin would be to try to break above $21,000 once move. But if this does not happen, it is possible to see the digital asset below $20,000 once more.
Featured image from MARCA, chart from TradingView.com
Follow for market insights, updates, and the occasional funny tweet…