Back to all of you, this time to share some approaches on the decisive situation that Bitcoin and cryptocurrencies are facing, this if we take into consideration that after the resounding fall due to the much talked about FTX case, the Bitcoin has been recovering in a healthy way since today it has managed to recover 16% of its market value.
It should be noted that according to the data handled by the CoinGecko.com portal, the main cryptocurrencies by market capitalization have been trading with slight increases in price action, in the case of HIVE it achieved a 4% rebound in the last 24 hours.
While in the weekly data is still not favorable as on average cryptocurrencies are in the red, for example; Solana (SOL) in the weekly has an estimated depreciation of -41% BTC -9%, ETH -5.8%, -EOS 3.8%, so, the slight rise in price action that may somehow impact on restoring investor confidence.
For the vast majority of analysts with bearish projections they see a break of the new lows as likely, and a further decline towards 2020 liquidity levels in the $14,000 area is likely to be Bitcoin's next landing ground, and in our case should this scenario play out HIVE could drop to $0.20.
On the other side, we also come across healthy projections believe that considering the technicals, Bitcoin is likely to witness an influx of volatility, provided the divergence develops, Bitcoin price could challenge the newly established bearish near $20,000, which could place HIVE back above $0.50.
SOURCES CONSULTED
24hoursworlds. Uneasy Crypto Calm: Bitcoin and Ethereum Recover After Crash. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: 24hoursworlds.
