The geopolitical tensions, the fluctuating markets, and the disruption of supply chains – there is a lot of panic in the world. This panic is quite evident in the cryptocurrency market as well.
For the last two months, the cryptocurrency market’s prime player – Bitcoin – has been fluctuating for the last two months. At the moment, bitcoin is trading around the value of $39K. A reason behind this trajectory might be the impending word of Biden.
Probable reasons for fluctuation
The President of the United States is planning to sign an executive order, later this week. It is speculated to be around the regulation of blockchain technology.
Many Crypto researchers are speculating a bearish run in Bitcoin. There can be shocking 20,000 levels for cryptocurrency. It is scary and worth panic among bitcoin investors.
A contradiction to this is other crypto-market researchers. They are asking people and other pseudo analysts to stop spreading fake news and charts in the market. A lot is dependent on the market sentiment. These charts are inciting fear and panic. As per this perspective, a market around $29K is not a bear market for bitcoin. It is more a mid-cycle accumulation. Below the point of $29K, there might be a chance of a bearish market. But nothing to be panicking about for now.
Overall, the market is still very volatile. There is no certain trend in the charts that can be picked yet. The fluctuations are still very extreme and it is advised to be cautious to further move in the cryptocurrency market.