Bitcoin is the first decentralized cryptocurrency in the world, a sort of digital asset that records, signs, and sends transactions across the Bitcoin blockchain without the involvement of a central authority.
But Bitcoin’s price movement appears to be eager to consolidate recent gains, with the annual open still seen as the key level to hold.
Under the pseudonym “Satoshi Nakamoto,” an unknown computer programmer or group of programmers established the Bitcoin network (with an upper-case “B”) in January 2009.
The network is a peer-to-peer electronic payment system that employs bitcoin (lower case “b”), a cryptocurrency, to transmit money via the internet or to operate as a store of value similar to gold and silver. But Bitcoin is now struggling hard to hit above $50,000 very soon.
Bitcoin (BTC) hinted at a reasonable reversal overnight into March 30 after constant upside lapsed to flip $48,000 to support.
Trader: BTC still struggles to hit $50,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD falling to $46,572 on Bitstamp as Tuesday began — its lowest price since the month of March.
A subsequent bounce helped to recoup some of the losses, and the pair was trading at roughly $47,400 at the time of writing.
The shift in strategy came after the stories surrounding Bitcoin’s initial surge beyond its yearly open price of $46,200 — a landmark success that brought the cryptocurrency’s multi-month trading range to an end.
Terra, which had amassed an initial $3 billion in BTC for its new stablecoin, appeared to be taking an unofficial off from purchases, according to statistics from its target wallet.
BTC was last high on March 28, yet the wallet’s balance of 27,784 BTC ($1.32 billion) has stayed untouched since then.
Do Kwon, the Terra co-founder who first made the buy-in public, has made no comments on a possible shift in strategy.
Pentoshi, a well-known trader, believed there was still a possibility for more gains above $50,000 in Bitcoin’s next impulse move, whenever that might happen.
As reported byCointiko, the annual open was crucial for many as a source of additional support. They warned that losing this at such an early stage would indicate that the trading range had not been truly broken.
Risk asset drawdown is still a hot topic.
Another, depressing perspective on the current BTC price activity centered on Bitcoin trading behavior.
According to Filbfilb, co-founder of trading platform DecenTrader, Bitcoin is currently being considered less like gold and more like a tech stock, adding to an existing stock correlation that must be severed to avoid price ramifications
This week, the debate continued on social media, with popular Twitter account 4adybug expressing concerns about Bitcoin’s performance this year.
They said that Bitcoin’s failure to operate as an inflation hedge had disappointed hodlers.
One commenter stated, “Bitcoin does not have the qualities of gold to endure rate hikes and tightening cycles or black swan events.” Existing concerns about how changes in US monetary policy would affect performance were also taken into account, concerns that extended beyond Bitcoin to risk assets in general.