Bitcoin Surge Might Not Be Enough to Save It
Bitcoin is looking bullish at the moment and has made back some of its recent losses over the last 24 hours, but how long can that last?
Bitcoin (BTC) climbed over the last day by 2.74%, bringing the token’s price to $56,905 (BTC/USD). That will help to restore some investor confidence in the coin at this dark hour.
For the last two weeks, Bitcoin has stayed mostly down, falling below $60K and having difficulty regaining any of its losses. Today’s surge has been helpful in showing that there is still life in the token for now, but it has not been enough to restore the losses from the last week.
Over the previous seven days, Bitcoin has lost 3.41% of its value. The upswing today has restored much of the recent losses, but it is not enough to put Bitcoin back up to $60K nor to restore the extensive losses from this week.
The bullish movement is promising, though, and for Bitcoin to regain so much lost ground in so little time is making investors feel hopeful. This action could cause an investment uptick in the coin and get Bitcoin supporters excited about how high the coin could go this week.
Why Investors Should Temper Their Expectations
Anyone thinking about jumping in on Bitcoin right now should be careful. The coin has a high risk of plummeting once again, especially as new economic data releases and as the interest rate cuts take effect later this month. The market and this coin specifically are quite volatile and could go in any direction quickly and without warning. We have seen that again and again over the last few weeks, and the overall trend has been downward.
It was just two weeks ago that Bitcoin climbed up to $64,000, but that did not last very long at all, and it looks like Bitcoin cannot hold onto its gains for now. Investors should be wary of buying the surge and be ready to drop their Bitcoin tokens quickly as soon as the market shifts downward again.
Look out especially for FOMC meetings this week that could shift the market and move Bitcoin from its current bullish trend.
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