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Bitcoin Price Stabilizes at $30,000 – What Next?

 


What happened to the Bitcoin course?

The Bitcoin price saw a massive crash in the last 7 days. From $39,000, it first dipped below $35,000. This fell the resistance that had kept the Bitcoin price from falling further in the past few months.



However, the drop below $35,000 does not stop there. The Bitcoin price continued to fall. From $32,000 it went down to $26,000 within a few hours. This was the lowest value for Bitcoin since the end of 2020. The crash was so massive that Bitcoin lost over 25% in a week.


In the last 2 days we saw a recovery in the Bitcoin price after the crash. Bitcoin surged back above the $30,000 mark. From now on, the price can consolidate and the $30,000 mark could establish itself as a new lower resistance that could save the Bitcoin from further falls.



The increase did not come as a surprise, since after major crashes, many investors immediately took advantage of the low prices to buy Bitcoin cheaply. A rise back above the $30,000 mark was therefore to be expected. Now we have to wait and see if this mark can be maintained in the next few days.


Bitcoin saw this massive crash mainly for one reason: the 0.5% increase in the key interest rate by the American Federal Reserve. This increase came as a surprise in this form, as the increase was estimated to be closer to 0.25%. The 0.5% increase is the highest in over 20 years.


Federal Reserve

This fact stabbed bitcoin in the back. In the past few months, fear of interest rate hikes has been the driving force behind the poor bitcoin prices. This was the main factor behind the large losses, along with other factors such as the poor performance of tech stocks and selling in the FX market. 


How will the Bitcoin price move in the next few weeks?

At the moment, the Bitcoin course is extremely difficult to predict. A crash was more and more in the room due to the weak performance in the last few weeks. The Bitcoin course could not rise above 40,000 dollars. But now we saw a massive crash that, above all, swept many speculators out of the market. This could be a good sign.


Bitcoin is extremely cheap to buy at the moment. It's likely that the cryptocurrency won't fall much further than the $26,000 price almost crashed to. Therefore, now is a good opportunity to acquire Bitcoin for the near future.


Bitcoin is currently at one of its lowest levels since 2020. It is therefore logical that now is a good opportunity to buy Bitcoin. But couldn't the Bitcoin price fall even further?


Due to the massive price drop, many speculative investors are off the market. Furthermore, the key interest rate was increased. There should be no further increases in the near future. Now the Bitcoin course can grow healthily again and is less influenced by these negative factors. Bitcoin's fundamentals also remain good .


All of these factors suggest that the current cheap bitcoin price is a good opportunity to buy bitcoin.

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