Even though Bitcoin has been having a rough season, it may soon be over. Despite the 9% daily loss, a crypto trade Crypto Ed predicts it may get better.
Tuesday was not a good day for Bitcoin as Bitcoin was trading near the $30K support level. On Monday night, Bitcoin lost 9% against the USD, according to Cointelegraph Markets Pro and TradingView. People expected that more Bitcoin adoption in Latin America would help with positive price indications, but that was not the case. It was even worse news for Bitcoin bulls when the United States Treasury Secretary Janet Yellen asked for support for higher inflation.Bitcoin moved to the $32k mark and made a rebound to $33K. For most crypto-traders, this was not very exciting, considering Bitcoin has made it to below the $30K mark.
Negative moving averages
From a report done by Cointelegraph, it is not a good season for traders. Two clashing moving averages in the market could affect the price negatively. Unfortunately, this may not be a temporary short-term move, according to Timothy Peterson, the Cane Island Alternative Advisors investment manager. We can tell this by the BTC/USD movement that is below its 200-day moving average for more than two weeks. This shows that we are at the end of a Bull Run and the start of a bear market.
Hope for BTC
There is finally hope that the BTC market will get better. As much as BTC has been dropping, many have taken advantage of the situation to stash up their stock. When BTC rises they will be smiling at the bank.
As for the crypto scene, volatility and uncertainty is a must. As has been a trend in the past, BTC will recover and attain all-time highs. Even though the mining situation in China is shaky, a solution and better alternative will be quickly sought, which will ensure the stability of the market.