Why Bitcoin is Declined at $70k ?
Bitcoin price was almost reached 70k this morning but gets declined due the resistance at this level , it was observed that a big transfer of 30,000 Bitcoin worth over $2 billion occured. These funds are believed to linked with the US government which are purposed to sell.
Bitcoin price is down from $70k to $67k Since the mentioned transfer to new adress was recorded. These Bitcoin controlled by US Government were seized from the Silk Road operation. This sell is considered to be a reaction to Donald Trump's statement of not selling any Bitcoin if he elects as president.
This could be completely false news as according to some people US Needs to pass bill from parliament if they before selling. Well the News about the US Government selling Bitcoin created fear in investors which declined the price.
It is also considered that Bitcoin is over bought so a little decline in its price was expected. Since it dropped to 67k now it is ready to do another leg up which is already happening as recovery is in place. Hopefully its going above $70k.
Remember German Government sold Bitcoin recently ? Bitcoin price fell hard when investors panicked, the price of Bitcoin was declined to $54k. People were yelling that its going down. But we saw a good recovery. Thats fear which actually impacts the market most than the actual cause .
If US Government sells Bitcoin , it will drive down Bitcoin price which will also impact altcoin . But keep in mind that , Bitcoin price will eventually rise after the sell pressure is disappeared which must happen.
I am into crypto since 6 years, i have observed one thing being into crypto for this long that marker survives znd recovers after every incident that is presented to put negative impression on cryptocurrency.
Only sellers get rekt each time we saw such panic situation while the holders gets the fruit when prices bounce back. People should learn from past and react normal during these situations instead of panic. Panic only creates loss.
Wise people who believe in Bitcoin , they are always waiting for such times as they know that its the best time to buy bags at discount. You may have heard the famous saying "buy when there is blood in the streets. This means that you should buy when everyone fears.
The Tactics to attack cryptocurrency are here since Bitcoin was born and are expected in the future as well. It is good to stay away from such stories which creates Fear and Uncertainty.
I think traders will be mature enough in the future that such kind of selling News or attack on crypto will have no impact on the prices. Its just a matter of time and patience. The market is not like what it was before, similarly in the future it will never be the same like it is now. Changes occurs with passage of time so as human minds.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
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About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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