Sunday, June 23, 2024

Was $39,650 the lowest point? Bitcoin supporters and bears argue on the price of BTC’s future.

Bitcoin (BTC) concisely reached its lowest point in five months this Monday at $39,650. It reached a 42.6% downsizing from all-time on November 22nd, 2021. Some even say that a crypto winter has started stating the $2.1 billion exploiting total crypto future contracts that were to close down over the last seven days.

While BTC bulls show that the $39,650 is the bottom, bear alerts that an emerging death cross on the day-to-day chart is an indication of further pitfall.

Statistics from Cointelegraph Markets Pro and TradingView exhibits that the value of Bitcoin (BTC) has traded closely around the $42,000 level as the global financial markets absorb the U.S. Federal Reserve Chair Jerome Powell’s announcement of the forthcoming fiscal policy changes.

Powell points out that the central bank is all set to increase the interest rate over time if inflation continues to carry on at such a high level. But the analysts observed this and suggested that a low-interest environment could keep going for a while.

The traders might have taken these comments in a positive light and, there is no direct connection between direct price fluctuation and Powell’s comments. Bitcoin did not survive a rapid surge above $43,000.

If you have been planning to get into the crypto game, right now is the best time to do so. With more and more countries adopting the DeFi system, you want to be ahead of the curve once they become mainstream. After that, they will be out of reach for most people.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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