Bitcoin benefitted from the broader market bullish cues. It rose from the lows of $19k to $20k and could be seen trading at $23,919 at the time of writing.Additionally, as of now, two significant developments are on the horizon for Bitcoin. The first being the reclamation of the 23.6% Fibonacci level and the other being the escape from the market bottom.
This price point sits slightly above the 23.6% Fib line, which is crucial for BTC as it can provide the support Bitcoin needs to carry its rally. Secondly, as per the market value of the king coin, the recent rally enabled it to pull itself out of the market bottoms, which BTC reaches when the asset is highly undervalued.
After lingering in the same for more than a month for the first time in 28 months, this is a win for Bitcoin.Thus, with the win comes the worry for BTC’s future as the coin and crypto market are not acting individually. The correlation that the king coin shares with the stock indices is still considerably high as both NASDAQ and S&P 500 indices have risen equally in the same duration this week.
Thus despite the recovery, Bitcoin is still in no position to act as an inflation hedge. This makes investors far more vulnerable thanks to the worsening economic condition.Subscribe to get it daily in your inbox.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CryptoAmb - 🏆 22. / 68 Read more »