During these almost four years of coexistence in the world of cryptocurrencies, there is something that I have been learning, and that is that between rumors and official statements nothing is for granted, and that only time and price action are the ones that mark the pace of consolidation of the crypto market.

After the Bitcoin has maintained a steady upward growth rate for 5 long months that took it above $63,000, it was to be expected successive price corrections that would give balance to the crypto market, an element that has been happening for several weeks now.

Although both events, I am referring to the bullish pace and the subsequent correction, are normal market actions, it is also important to consider a series of rumors that have created an adverse and panic scenario for investors, and to make this scenario worse, we must add the statements of the Chinese government and all the regulatory measures aimed at creating restrictions on mining and cryptocurrency linking.

The truth is that, for some analysts, the successive price corrections represent the beginning of a downward trend, especially since the last price drop caused a phenomenon known as the "death cross", which is nothing more than a signal that is formed when the average price of the last 50 days falls below the average price of the last 200 days.

Now, beyond the death cross and all the adverse scenario that the rumors arouse day after day, it is important to remember that despite China's regulatory statements, not for nothing Li Bo vice governor of China's central bank once called Bitcoin as an "investment alternative".

[1] Lavere M China’s Central Bank Regards Bitcoin as an ‘Investment Alternative’. Article: Online Access