If we talk about the market in beginning, then in the month of 2021 October, the value of bitcoin was completely halved through its work based on at least ATH $60K. When the market started the new week on Monday, Bitcoin was only seen in a bearish very aggressive red pool and it was reported that 2021 would see its value very high with an all-time high of $60K. In comparison, bitcoin had lost almost 50% of its value. Given almost such a situation for the past three months in a row and with the downhill moment, we have no clue whether this downturn will ever end or not. You may want to use a reputable trading Platform for a better trading experience.
Before buying bitcoin, it is important to look at some technical levels.
When we start trading with BTC the first thing we see is its value and its price is very low at the initial $38695, if we talk about bitcoin then its price can extend its bearish south. It has also been heard that after some strong bearish movement when the market witnessed volatility, it took the price of BTC continuously downwards and when its price started falling, the bear’s action was fully supported.
In short, if we have our own BTC/USD digital currency or want to use it for a pair that can take very large long positions, we should first know that some of the bitcoin markets are currently at $33803 support. Business can be done together with the region. However, we have also seen from an analysis point of view that few bitcoins ever see long-term bearish price action. Also aims to hit the way. In general, it has been observed that a good trader considers taking a long position and also waits for the price to break almost upwards at the initial support of the market at $30796.
Should the trader buy in a dip or not?
Some well-known investors have said that buying in the fall would prove to be a very good idea, but even there are quite different opinions of some traders. If we talk about the stock market crash of 2008, then at that time the level of 14,000 of the BSE Sensex had fallen and at that time some traders bought their investments and averaged it together. Suddenly it fell further and it touched 11,000 directly from 14,000 but some states wanted to buy it even after falling so much. Later on, a surprising thing was seen on this and it was seen that its stock market fell further and learned to come to 8,000. Some traders are completely unaware that the same scenario applies to bitcoin. Although it is not that there is always a decline in it, there are some records which are touching the height and its value is increasing.
Will bitcoin become non-existent before we buy it?
If any traders keep delaying purchase options for a long period, it is more likely that bitcoin may go out of existence altogether. It is estimated that the supply of bitcoins is limited to around 21 million and 90% is already mined. Some energy concerns completely consume the energy of bitcoin mining, which leads to a complete ban on cryptocurrency trading in the country of China.
At the end of the article, we can be held responsible for this due to the huge difference in the ratio of supply as well as demand for selling going on in the market. Apart from this, we just have to keep in mind that whenever its demand exceeds its supply, then only then can we see an increase in the value of the crypto market. On the other hand, if we talk about decline, then whenever the supply of the market is seen as more than its demand, the decline will be more.