Monday, August 8

Bitcoin falling back to test $55,000 support


Bitcoin continues to decline and returns to test support at $55,000 after several days of sellers trading strongly in the market. This Monday afternoon (22), Bitcoin again registered a drop of 6% in the market. This drop brought the currency’s price to US$ 55,610.00, the zone in which the digital currency tested on the last 19th of November.

Remember that Bitcoin earnings for the month have all been lost, with Bitcoin operating down 8% in the last 30 days. At the time of writing this article, the price of the currency against the Dollar remains at US$56 thousand.

In relation to the Brazilian Real (BTCBRL), the fall of Bitcoin also felt a strong impact, with a drop of 6% in the last 24 hours, leaving each currency at R$ 318 thousand. This value is still maintained with the help of the Dollar, which ended up parked at R$ 5.59 this Monday.

Why is Bitcoin dropping? According to analyst PlanB, the reason is related to fear sales with the Mt. Gox case, a former brokerage hacked and will now return the funds to clients who can sell their currencies, causing a fear in the market of falling prices.

Sexta-feira Negra? Bitcoin macro view remains optimistic, despite the drop in testing support

Bitcoin’s behavior in 2021 fluctuated between good times and bad, regardless of the currency’s favorable news. Anyway, when looking at the macro scenario of Bitcoin prices, the situation remains favorable for those who positioned themselves in the medium to long term.

That’s because, even with the fall in November, Bitcoin still gives a 27% return for those who invested on October 1, beginning of the fourth quarter of 2021. This return is higher than that recorded in the third quarter of 2021, which was 25%, and much higher than the second one, which was 40% negative. In other words, even with a drop in the market, the medium-term macro scenario is still positive.

Bitcoin Percent Return by Quarter in Its History, Accessed Nov 22, 2021 /Credit: Skew

In 2021 consolidated, the Bitcoin return against the Dollar is 94%, reinforcing that many investors still continue with returns on their positions. In any case, it is important to maintain risk management for the long market position as the current decline has not yet fallen below the 99-period moving average on the daily chart, indicating that the long-term scenario is still bullish.

Investors who expected higher in 2021 now link the warnings with the fall and many who expected to see the price at US$ 98,000 as predicted by an indicator by analyst PlanB may have to wait a little longer.

It is worth remembering that the main asset that competes with Bitcoin, gold, continues to depreciate by 2% against the Dollar in the year, despite the financial crisis caused by the increase in inflation and unemployment persisting in the market.





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