Bitcoin Is Now Trading Around $30,000
Bitcoin price climbed after the daily close, according to CoinCu statistics, to the $30,000 level. The leading coin had failed to decide on a significant upward or downward trend in a multi-day range, and volatility had ebbed into the new week.
Concerns that a significant correction might push it below last week’s ten-month lows prompted popular analyst Credible Crypto to give a more upbeat alternative. Bitcoin has no drive to retest $20,000 or below, he said on Twitter, based on historical patterns.
MicroStrategy, the firm with the largest corporate BTC treasury, seems to have already made contingency preparations for such a situation, with the company even preparing to purchase up supply to prevent the collapse.
Credible Crypto was equally cautious when asked if BTC/USD may repeat the decline from its 2019 highs above $14,000 to the $3,600 floor during the March 2020 COVID-19 meltdown.
“Not expecting that. Is it possible? Yes, but as I’ve said previously a retest of prior cycle highs has never happened before- so I find it highly unlikely,” he responded.
On May 17, the Crypto Fear & Greed Index, a cross-market sentiment indicator, has reached its lowest level since March 28, 2020, two weeks after the Coronavirus lockdown.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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