- Bitcoin’s initial price recovery seems to have hit a snag.
- The BTC price fell after failing to retake the 50 day moving average.
- Presently, the price of Bitcoin (BTC) is staggering closer to below $21,000.
It seems the crypto sector popped their champagne bottles a little too early last week, at least, it seems so according to Lark Davis. The popular crypto investor and trader highlighted Bitcoin’s (BTC) feeble attempt at recovery on Twitter.
As we can see from the tweet above, Lark Davis mentions how the recent surge in the price of Bitcoin (BTC) is already falling. Indeed, it seems the celebratory streak of Bitcoin last week is slowly wearing off.
This short-lived moment is hard for those who were hoping for a closer end to the ongoing crypto winter. Unfortunately, many are instead pointing out how the gains made over the last week with the price spike for Bitcoin (BTC) and other altcoins is already lost.
In detail, Lark Davis says that Bitcoin (BTC) was unable to keep pace with its attempt to retake the 50 day moving average. No doubt, this is unfortunate news and the crypto community should continue to huddle around their holdings and wait till crypto winter passes for good.
For when that is likely to happen, some expect possibly the end of 2022 or the start of 2023. Meanwhile, others say it could quite possibly take a year longer than that. Reasons for this could pertain to the ongoing financial crisis and inflation or due to the Russia-Ukraine war.
On the other hand, some blame the drop on Tesla’s decision to sell 75% of their Bitcoin (BTC) holdings. Adding on to the conversation, others are speaking of the tug-of-war mentality caused by the actions of Bitcoin whales.
For instance, one whale moved 132,000 BTC to trigger FOMO or FUD strategies. The price of Bitcoin (BTC) is presently $21,109, according to CoinGecko. Suffice to say, we will simply have to wait and see where the price will waver to next.
Recommended News :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.