It seemed that Bitcoin has been experiencing a never-ending bullish rally in the crypto space. Though the market is bullish Bitcoin is failing to go over the eight thousand dollars price mark ($8,000).
Last week Bitcoin fell down after just hitting the eight thousand dollars price mark ($8,000). After this fall Bitcoin has been trying to get above it.
Even though between has traded near or on the eight thousand dollars price mark ($8,000) it is struggling with breaking through. Bitcoin has yet to find a strong support level near the eight thousand dollars price mark ($8,000).
This is mainly why bitcoin dropped to seven thousand eight hundred dollars ($7800) price mark. Even after the drop Bitcoin is expected to recover with an expected bullish upwards trend. Many analysts predict that this ongoing bullish trend is going to make serious strides.
Many analysts are of the view that Bitcoin is safe to recover with a bullish upward trend as long as it stays above the six thousand four hundred dollars ($6,400) price mark.
If Bitcoin manages to do that the market might see some new incoming investors. This will cement the belief that Bitcoin’s bearish days are long gone.
But on the other hand, what if Bitcoin can not manage to stay above the six thousand four hundred dollars ($6,400) price mark? This will cause some serious damage as the investor will lose faith and the price mark might drop as low as three thousand one hundred dollars ($3,100). Below the six thousand four hundred dollars ($6,400) price mark a bearish slump is inevitable.
Last week Bitcoin hit a weekly high of eight thousand two hundred and fifty dollars ($8,250). This helped with increasing market momentum.
Arthur Hayes, BitMEX CEO shared his optimistic views about the market as well. He stated that this bullish market might not cool down for a while.
The bull market is real. A momentary dip below 7k, and a few days later we are back above 8k and the Sep and Dec contracts are in contango. Booyah! pic.twitter.com/qknhDQ8i7p
— Arthur Hayes (@CryptoHayes) May 19, 2019
SEC’s result on the Bitcoin ETF is going to impact the market depending on what the result is. SEC has rejected the ETF proposal numerous times before so it is expected that the market might not be affected at all.