Bitcoin seemed to be doing alright in the last few weeks, especially after the mid-may crash, but once again, the support that recently accumulated for Bitcoin seems to be deteriorating. There is an ascending support line that means that the support is being extended across the board, and to build up the pace, Bitcoin needs to be thriving in terms of price. However, it doesn’t seem to be doing due to the correction that the flagship cryptocurrency is facing as a result of MicroStrategy acquiring more Bitcoin recently. At present, Bitcoin has support levels ascended to $42K putting the flagship cryptocurrency in a tight spot.
Recently, Bitcoin did start to make a reversal attempt, but it failed to sustain the upward movement, which resulted in a heavy downfall of the cryptocurrency in terms of price on the very next day. Bitcoin presently is trying its hardest to break itself free from the ascending support line, which will definitely have its own problems, for starters, making Bitcoin fall all the way to $42K, which is not going to be a happy sight for traders and investors. What if panic overtakes the crypto market over this event, and the market is once again fumbled to another crash?
Bitcoin may Witness Another All-time High
Bitcoin, however, did go higher in the last week, going all the way to $50k and then some and then giving itself to a descending pattern soon enough. After that, Bitcoin even gave a bearish signal but then was cutting back in terms of price. It bounced slightly on August 25 but then the next day; the price was plummeting to a clear descent; what could be the reason, it could be the correction catching up with the cryptocurrency over the acquisition of more and more Bitcoin by MicroStrategy, or it could be something else entirely.
Bitcoin definitely didn’t receive any validation by the bearish uptake. That is why it is breaking down to a lesser price with every passing day. Should the investors make a big move to reenact the price towards another lost time high, it seems a rather unsettling scenario for Bitcoin.