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Analysis: Bitcoin Bottom Is In As Those Who Needed To Sell Did It On March 12


Analysis: Bitcoin Bottom Is In As Those Who Needed To Sell Did It On March 12

At the time of this writing, Bitcoin is trading at $7,230 with $32.46B volume and a $132.56B market cap after trading below $7,000.00 for most of the past week. Those who have been “long the dip” when it hit the $4,000’s market have already almost doubled their money. The question remains to be seen as to what the weeks that lie ahead predict for the price of Bitcoin and whether or not the bottom is already in.

Has Bitcoin Already Bottomed?

With the impacts that COVID-19 had initially, Bitcoin seemed to bear a correlation with the broader equity markets. Many posited that institutional investors who held Bitcoin felt the impact of having their stocks drop dramatically and wanted to convert some of their Bitcoin into cash to rebalance their portfolios. The Bitcoin price, however, fell a second time in the last few months, with many attributing the crash to inefficient liquidation engines on BitMex. The Wolf of All Streets, a popular account on Twitter postulates that despite the price volatility, Bitcoin was, in fact, more liquid than the bond market in the past month during the downturn of traditional markets. Read More...