Bitcoin fails to cross 10K. Cause for worry?

in cryptocurrency •  6 months ago

Bitcoin made a nice move last month from 6000 last month to nearly cross 10,000. But repeated attempts to cross the level have resulted in failure. However I believe that this is not a cause for worry yet. It is part of a larger consolidation move before decisively crossing 10,000 and making a move upwards

With no major news on the anvil, apart from the Upbit exchange news, Bitcoin is only showing range-bound action between 7500 and 10,000. I believe that the lower end of this range near 8000 is where Bitcoin will find some support and bounce back. However, on the contrary if 7500 level is lost, then short-term weakness ensues. However, for the longer term, this will still remain in consolidation mode. As far as the long term analysis is concerned, a bear market resumes only below 6000. That scenario, in my opinion looks far fetched for now.

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Growth without correction does not happen, it's a fact

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good point !

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If you track the pricing of bitcoin, you can see that the growth and fall have always been, and they will always be

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Yes, its like the law of nature. There always need a foundation. You can think of this in terms of physics and gravity, or just learning a new skill.

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It's like rain or wind, we can not influence them, we can only try to hide

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Haha yes exactly or used them to our advantage and build wind turbines😂

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:D All about perspective brother. Everything can be seen as good or bad.

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thanks!

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thanks!

What about the news with Upbit exchange? It may have caused some of this. I'm hoping it's temporary, but I guess I'll have to wait and see.

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One of the executives at Upbit was simply transferring their clients cryptocurrency to his own accounts!

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That's really true every cryptocurrency become down that days. Steemit Dollar also become down day by day.

Bitcoin looks like a classic bubble, but whether or not it is one, its manifest volatility, combined with a lack of any fundamental value, disqualifies the cryptocurrency as a store of value.